Canopy Growth Corporation (NASDAQ:CGC) (TSX:WEED) has closed its exchange transaction of certain 4.25% unsecured notes due 2023 in order to reduce its debt obligations by approximately CA$263 million (approximately $203.6 million). Constellation Brands, Inc. ("CBI") (NYSE:STZ), through its wholly-owned subsidiary Greenstar Canada Investment Limited Partnership ("GCILP"), participated in the transaction.
"As we navigate global economic and capital market headwinds, this action has enabled us to deleverage our balance sheet, preserve cash, and reduce interest payments by addressing a substantial portion of our 4.25% unsecured notes," stated Judy Hong CFO at Canopy Growth. "We continue to assess all available options to further optimize our balance sheet and address the remaining 4.25% unsecured notes in advance of their maturity to ensure Canopy Growth is well positioned to continue investing in the highest potential areas of our business to drive future growth."
