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Canadian cannabis company Aphria Inc (NYSE:APHA) said Tuesday evening it closed a convertible senior note offering raising $350 million in gross proceeds, including the exercise of the over-allotment option.
The convertible senior notes carry a 5.25-percent interest and are due 2024. The initial offering was valued at $300 million, but initial buyers also exercised their option to purchase up to an additional $50 million principal amount of notes in full. The sale of additional notes under the over-allotment options is expected to settle on April 26.
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The interest on the notes is payable semiannually in arrears on June 1 and Dec. 1.
The notes can also be converted into Aphria's common stock at a conversion rate of 106.5644 shares per $1,000 principal amount of notes. This translates into an initial conversion rate of $9.38 per share, which represents a conversion of approximately 20 percent over Aphria's stock price on the New York Stock Exchange on April 17, which was the last reported trading day prior to the announcement of the pricing of the notes.
Aphria, one of the largest cannabis companies in the world, said it plans to use the net proceeds from the offering to fund its international expansion initiatives and future acquisitions, as well as for general corporate purposes.
The stock traded around $7.84 per share Wednesday afternoon.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.