Auxly unit completes amendment to extend credit facility

By Marisa Wong

Los Angeles, Feb. 1 – Auxly Cannabis Group Inc. wholly owned subsidiary Auxly Leamington Inc. has signed a definitive agreement to amend and restate its credit facility with Bank of Montreal as administrative agent, according to a Thursday press release.

As outlined on Jan. 3, the amendment extends the maturity date by two years until Dec. 31, 2025, with an option for Auxly Leamington to extend the maturity date for an additional year by making a $2.5 million principal repayment by Dec. 31, 2025.

The amendment also updates EBITDA and other financial and operational covenants and increases quarterly principal payments throughout the term.

In addition, the obligations of Auxly Leamington under the credit facility will continue to be supported by a $33 million limited guarantee by Auxly and a pledge by Auxly of all of its securities of Auxly Leamington.

Auxly is a cannabis company based in Vancouver, B.C.

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