HEXO Corp Announces Repayment of Credit Facility
HEXO Corp has successfully repaid its entire credit facility amounting to approximately $28.9 million as of April 30, 2021.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
HEXO Corp has successfully repaid its entire credit facility amounting to approximately $28.9 million as of April 30, 2021. This repayment was made under a credit agreement with Canadian Imperial Bank of Commerce and Bank of Montreal. CEO Sebastien St-Louis stated that this move enhances HEXO's financial flexibility as the company pursues its US expansion plans and aims to be a leading player in Canada’s recreational cannabis market.
Positive
- Repayment of credit facility enhances financial flexibility for US expansion.
- Demonstrates successful management of debt with timely repayment.
Negative
- None.
Details
News Market Reaction – HEXO
The recorded move for HEXO in the trading session of this news was -1.64%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
OTTAWA, May 03, 2021 (GLOBE NEWSWIRE) -- HEXO Corp (“HEXO”, or the “Company”) (TSX: HEXO; NYSE: HEXO) today announced that it has repaid, effective April 30, 2021, the total outstanding balance on its credit facility established under its credit agreement dated February 14, 2019 with Canadian Imperial Bank of Commerce as sole bookrunner, co-lead arranger and administrative agent, and Bank of Montreal as co-lead arranger and syndication agent, together with accrued interest and associated fees, in the amount of approximately
“We believe repayment of the credit facility provides HEXO with flexibility as we continue to execute on our US expansion plans and our goal to become a top two Canadian LP by adult-use recreational cannabis sales,” said HEXO CEO and co-founder Sebastien St-Louis. “We would like to thank our lenders for their support, which has contributed to HEXO’s success to date.”
About HEXO (TSX: HEXO; NYSE: HEXO)
HEXO Corp is an award-winning consumer packaged goods cannabis company that creates and distributes innovative products to serve the global cannabis market. The Company serves the Canadian adult-use markets under its HEXO, HEXO Plus, Up, Original Stash and Bake Sale brands and the medical market under HEXO medical cannabis. For more information, please visit hexocorp.com.
Forward Looking Statements
This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws (“forward-looking statements”). Forward-looking statements are based on certain expectations and assumptions and are subject to known and unknown risks and uncertainties and other factors that could cause actual events, results, performance and achievements to differ materially from those anticipated in these forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements as a result of new information or future events, or for any other reason.
Investor Relations:
Media Relations:
(819) 317-0526
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.