An anonymous director reports
CANOPY GROWTH CORPORATION ANNOUNCES FINAL RESULTS OF ITS OFFER TO PURCHASE CONVERTIBLE NOTES
Canopy Growth Corp. has released the final results of its tender offer, pursuant to which each holder of the company's 4.25 per cent convertible senior notes due 2023, which were issued pursuant to the indenture dated June 20, 2018, among the company, GLAS Trust Company LLC, as U.S. trustee, and Computershare Trust Company of Canada, as Canadian trustee, had the right to require the company to repurchase all of such holder's notes, or any portion thereof that is a multiple of $1,000 principal amount, on Dec. 5, 2018. The fundamental change repurchase right expired at 5 p.m. ET on Dec. 4, 2018, and was not extended.
In addition, the period during which each holder had the right to convert such holder's notes pursuant to the occurrence of a make-whole fundamental change, as provided in the indenture, expired at 5 p.m. ET on Dec. 4, 2018, and the period during which each holder had right to convert such holder's notes expired at 5 p.m. ET on Dec. 5, 2018.
The company has been advised by GLAS Trust Company, the paying agent and conversion agent for the notes, that no notes were validly surrendered for purchase pursuant to the fundamental change repurchase right. Furthermore, no notes were validly surrendered for conversion during the make-whole fundamental change period or the conversion period.
Accordingly, as of Dec. 5, 2018, $600-million aggregate principal amount of the notes remain outstanding.
About Canopy Growth Corp.
Canopy Growth is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and softgel capsule forms. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world-class cannabis company one product, site and country at a time. The company has operations in 12 countries across five continents.
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