Decibel Cannabis Company Inc. DB DBCCF, a premium cannabis producer, announced the cash repayment of its 9.5% convertible debentures, which had a maturity date of May 10, 2022. The $12 million cash repayment represents a full payout of the convertible debentures, which were subject to a conversion rate of approximately 2,222 common shares for each $1,000 of principal amount of convertible debentures, equal to a conversion price of $0.45 per common share.
The company met the pre-disbursement conditions required to draw-down $12 million under its credit facility with ConnectFirst Credit Union and concurrently made the cash repayment of the convertible debentures. The company's $12 million draw-down from its credit facility is subject to a 60-month repayment term at a fixed rate of 4.75% per annum, amortized over 144 months.
Related News
Decibel's Net Revenue Grew 75% To $52M In 2021, Six Consecutive Quarters Of Positive Adjusted EBITDA
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.