Aurora Cannabis repurchases $20 million of convertible notes to lower interest costs

Aurora Cannabis Inc. ACB, +0.64% ACB, -1.01% said Friday it has repurchased $20 million of convertible bonds in a move aimed at reducing its annual interest costs. The Edmonton, Alberta-based cannabis company said it paid $19.2 millin in cash for the notes, equal to a 5.25% discount to par value. The company expects its annual cash interest savings from the deal from the third quarter onward to come to $7.5 million. Aurora shares were up 0.6% premarket, but have fallen 71% in the year to date, while the Cannabis ETF THCX, +2.95% has fallen 43% and the S&P 500 SPX, +1.84% has fallen 12%.