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The Supreme Cannabis Company has amended its three-year term credit facility, originally established in November 2019. The amendment defers financial covenants related to fixed charge coverage and leverage by 12 months, starting in the quarter ending March 31, 2022. The company has increased the interest margin by 75 basis points and removed the requirement for a minimum cash balance, which was used to repay part of the outstanding term loan of $57.2 million. The revolving credit facility limit stands at $7 million, reflecting lenders' continued confidence in the company's strategic direction.
The Supreme Cannabis Company, Inc. (OTCQX: SPRWF) announced the successful implementation of amendments to its 6.0% senior unsecured subordinated convertible debentures initially issued in October 2018. This includes a principal reduction of $63.5 million and the issuance of 116.6 million common shares and $10,769 in accretion debentures to debentureholders. These changes are expected to improve the company's financial structure and are part of ongoing efforts to enhance operational flexibility.
The Supreme Cannabis Company is set to release its fourth quarter financial results for the year ending June 30, 2020, after market close on September 24, 2020. A conference call discussing these results will take place at 8:00 AM Eastern on September 25, 2020. The company's diverse cannabis portfolio includes well-known brands like 7ACRES and Blissco, targeting both recreational and medical markets. Supreme Cannabis continues to focus on premium cannabis production, aiming to enhance its market presence.
Supreme Cannabis (OTCQX: SPRWF) announced amendments to its 6.0% senior unsecured convertible debentures from October 2018. A prospectus supplement will allow for the issuance of up to 58.3 million common shares to debentureholders. In total, 116.6 million common shares will be issued, with half being freely-trading and the other half subject to a four-month restriction. Eligible debentureholders must elect through CDS to receive freely-trading shares by September 8, 2020. The amendments will take effect on September 9, 2020, enabling post-amendment trading of the debentures.
The Supreme Cannabis Company has received approval from debentureholders to amend the terms of its 6.0% senior unsecured convertible debentures. Key changes include reducing the principal amount from $100.0 million to $36.5 million and extending the maturity date by five years. The conversion price is also lowered from $2.45 to $0.285 per share. Annual interest payments will decrease from $6.0 million to $2.9 million, and the company will issue 116.6 million common shares to debentureholders as part of the agreement.
The Supreme Cannabis Company (OTCQX: SPRWF) and Khalifa Kush Enterprises Canada have mutually terminated their exclusive consulting services agreement originally established on December 6, 2018. This decision allows both companies to refocus on their respective business opportunities. Supreme Cannabis plans to enhance its ultra-premium product line, notably expanding distribution of the 7ACRES Craft Collective brand. Financially, the company reported an impairment of assets related to the KKE agreement, resulting in a carrying value of $nil due to impacts from Health Canada regulations.
