Fire & Flower said it has strengthened its balance sheet with amendments to its 8 percent unsecured convertible debentures.
Fire & Flower Holdings (TSX:FAF) said it has strengthened its balance sheet with amendments to its 8 percent unsecured convertible debentures due on July 31, 2020.
As quoted in the press release:
Fire & Flower has forced the conversion of debentures to eliminate the interest payments associated with such debentures and the removal of these liabilities from the Company’s balance sheet further strengthens Fire & Flower’s financial position.
With the consent of the two holders of the Debentures, the provisions of the amended and restated debenture indenture dated February 13, 2019, as supplemented, have been amended to provide for the forced conversion of the principal amount of Debentures by the Company at its sole discretion in the event the common shares of the Company (the “Common Shares”) have a closing trading price of not less than $0.70.