Sundial Growers Taps Canadian Lenders for $90 Million Credit Line

Sundial Growers Announces Up To $140 Million Corporate Credit Facilities with ATB Financial and Bank of Montreal

CALGARY, Aug. 30, 2019 /PRNewswire/ – Sundial Growers Inc. (Nasdaq:SNDL) (“Sundial” or the “Company”) announced today that it has entered into a syndicated credit agreement (the “Credit Agreement”) with ATB Financial (“ATB”) and Bank of Montreal (“BMO”) as co-lead arrangers and joint bookrunners (collectively the “Lenders”) with ATB as administrative agent and BMO as syndication agent. Under the terms of the Credit Agreement, the Lenders will provide Sundial with an initial C$90 million of secured debt facilities (collectively, the “Credit Facility”), comprised of a C$84 million senior secured term credit facility and a C$6 million senior secured revolving operating facility. Under the Credit Agreement, Sundial also has the right to an additional facility to a maximum of C$50 million (for a total of C$140 million) to finance the construction of additional buildings at its Canadian production facilities, subject to the consent of the Lenders and satisfaction of certain other conditions.

Upon closing of the Credit Agreement, approximately C$48 million of the Credit Facility was drawn to refinance amounts owing under the Company’s prior debt facility with ATB. The term of the Credit Facility is two years. The Credit Facility is secured by all of Sundial’s Canadian assets, including its production facilities comprised of the flagship production facility located in Olds, Alberta, the Rocky View, Alberta facility and the purpose-built facility currently being constructed in Merritt, British Columbia.

With the completion of the Credit Facility, including the C$50 million accordion feature, and the proceeds from our recent IPO, we are well capitalized to execute our business plan in both Canada and the UK/Europe. This is a significant step for our business and will allow Sundial to focus on what we do best which is to proudly craft pioneering cannabis brands to Heal, Help and Play.

Torsten Kuenzlen, Chief Executive Officer of Sundial

The ongoing commitment made by our partners, both of which are leading financial institutions in Canada, demonstrates continued confidence in Sundial’s business and the anticipated cash flow generating ability of our Sundial platform.

For more information about Sundial, visit and follow us on Twitter @SundialCannabis, Instagram @SundialCannabis, LinkedIn @SundialCannabis and Facebook @SundialCommunity.


Sundial proudly crafts pioneering cannabis brands to Heal, Help and Play:

  • Heal – cannabis products used as prescription medicine
  • Help – cannabis products that strive to promote health and wellness through CBD
  • Play – cannabis products to enhance social, spiritual and recreational occasions

Sundial is a global cannabis company with facilities in Canada and the United Kingdom, providing high-quality, consistent products consumers can trust.

In Canada, we grow ‘craft-at-scale’ cannabis using purpose-built modular facilities and award-winning genetics. Sundial’s flagship production facility is located in Olds, Alberta with a second facility in Rocky View, Alberta. We have commenced construction of our next purpose-built facility in Merritt, British Columbia.

In the United Kingdom, we grow high-quality traceable plants, including hemp, ornamental flowers and edible herbs, in over 1.5 million square feet of state-of-the-art environmentally friendly, indoor facilities. Bridge Farm has three facilities in Spalding, with another currently under construction.

We employ nearly 1,000 employees globally, full-time and seasonal, which brings economic benefits to the local communities in which we operate.

Original press release

Published by NCV Newswire
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