Canopy Growth Corporation

Advising the Initial Purchasers in connection with Canopy Growth’s $600 million convertible debenture offering.

Client

Cowen and Company, LLC and BMO Nesbitt Burns Inc., as representatives of the initial purchasers

Value

$600 million

Service

Capital Markets

Date Closed

June 2018

Lead Office

New York


 

On June 20, 2018, Canopy Growth closed its previously announced offering of $500 million aggregate principal amount of its 4.25% convertible senior notes due 2023.  The initial conversion rate for the notes is 20.7577 common shares per $1,000 principal amount of the notes, equivalent to an initial conversion price of approximately $48.18 per share. The Company intends to use the net proceeds from the sale of the notes for supporting expansion initiatives and general corporate purposes, including working capital requirements.

One June 22, 2018, the Company sold an additional $100 million of debentures pursuant to the exercise of an overallotment option.

Canopy Growth is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms.

Osler, Hoskin & Harcourt LLP represented the syndicate of initial purchasers (Cowen and BMO Capital Markets) as both U.S. and Canadian law counsel, with a team consisting of Rob Lando, Jie Chai, Mike Sherman (Securities), Michael Watts, Mark Austin (Commercial), Michael Hart (Financial Services), Greg Wylie (Tax). Cooley also acted for the initial purchasers with respect to specialized product and U.S. tax advice.


Team
Rob  Lando
Key Contact

Rob Lando

Partner, Corporate

Jie Chai

Jie Chai

Associate, Corporate

Michael Sherman

Michael Sherman

Associate, Corporate

Michael  Watts

Michael Watts

Partner, Health

Mark  Austin

Mark Austin

Partner, Commercial

Michael  Hart

Michael Hart

Partner, Financial Services

Gregory  Wylie

Gregory Wylie

Partner, Taxation