23:05:32 EDT Tue 04 Oct 2022
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Tilray Inc
Symbol TLRY
Shares Issued 446,156,841
Close 2022-04-12 C$ 7.84
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Globe/wire say Tilray agrees to pay Hexo debt

2022-04-13 08:38 ET - In the News

Also In the News (C-HEXO) Hexo Corp (2)

The Globe and Mail reports in its Wednesday edition that Tilray Brands said on Tuesday it had agreed to buy $193-million (U.S.) of Hexo's remaining debt in a deal that gives the cannabis producer a right to pick up a significant equity stake in its troubled rival. A Reuters dispatch to The Globe says that this is the second such deal by Tilray. The company in March agreed to buy up to $211-million (U.S.) of Hexo's debt. Tilray said on Tuesday it would purchase the notes from debt holder HT Investments MA LLC. An amended agreement will permit Tilray to exercise conversion rights at 85 cents per Hexo share to acquire a significant equity ownership in the future. The March deal had a conversion price of 90 cents per Hexo share. Last year, Hexo disclosed risk on its senior secured convertible note and said it may not have enough cash coming in to help pay off the debt. Hexo will pay Tilray an annual fee of $18-million (U.S.) for advisory services related to cultivation, operations and production, the company said on Tuesday. Hexo's shares closed at 68 cents on Tuesday, down four cents on the Toronto Stock Exchange.

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