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Sundial Announces Elimination Of Senior Secured Second Lien Convertible Notes; Says Holder Of Sundial Senior Secured Second Lien Convertible Notes Has Fully Converted All Notes From The Original Issuance Of $73.2M On Jun. 5, 2020

November 30, 2020 8:32 am
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Sundial Announces Elimination Of Senior Secured Second Lien Convertible Notes; Says Holder Of Sundial Senior Secured Second Lien Convertible Notes Has Fully Converted All Notes From The Original Issuance Of $73.2M On Jun. 5, 2020

CALGARY, AB, Nov. 30, 2020 /PRNewswire/ – Sundial Growers Inc. (NASDAQ:SNDL) ("Sundial" or the "Company") provides an update on the elimination of its senior secured second lien convertible notes and further improvements to its balance sheet. All amounts are denominated in Canadian dollars unless otherwise noted.

The holder of Sundial senior secured second lien convertible notes has fully converted all notes from the original issuance of $73.2 million on June 5, 2020.

Sundial's remaining secured indebtedness consists of $72 million outstanding under its senior secured credit facility.

Over the last six months, Sundial has raised net cash proceeds of $117 million through equity and equity linked issuances. The Company has 744 million common shares outstanding and an unrestricted cash balance of $85 million that has increased predominantly due to recent material warrant exercises, providing significant stability and financial flexibility to pursue growth and strategic opportunities.  

"Sundial's long-term viability is a prerequisite for the creation of shareholder value," said Sundial's CFO, Jim Keough. "While the process of raising capital and converting debt into equity has placed near-term pressure on the price of our common shares, it has been essential to improving the company's financial strength, providing us with the resources and strategic flexibility to pursue a path to profitability."