Shares of Sundial Growers Inc. (SNDL) was trading higher 2.36% to $0.48 in the premarket session. The Healthcare sector firm didn’t announce any new developments however, the gain likely reflected some investors’ continued optimism as of December 21, 2020. Sundial Growers Inc. (SNDL) revealed that it had achieved debt-free status after prepaying the $21.9 million balance of its NRE credit facility. As of today, no debt remains outstanding. Prices are in Canadian dollars unless otherwise noted.
Sundial has approximately $62 million in current cash and 840 million outstanding common shares. The total prepayments on the Facility are roughly $5 million.
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”At a time when many cannabis companies are burdened by heavy debt, Sundial is proud to announce that we have paid off our entire debt load,” said Zach George, Sundial’s CEO.
Sundial suffered from a cash shortage just two quarters after its IPO, breaching covenants in its senior secured credit facility. Through asset sales, debt for equity swap, capital raises, and cash repayments, we have eliminated $227 million in delinquencies, he added.”