The cannabis company announced last week that it would offer $450 million worth of convertible senior notes due in 2023 in a private placement to qualified institutional buyers.
After expenses, the company raised a total of $435 million. The initial offer was worth $400 million, but was later upsized.
The 5.00% notes will be convertible into cash, shares of its Class 2 common stock, or a combination of the two.
The proceeds will go towards working capital, acquisitions and corporate expenses as well as paying off the $9.1 million existing mortgage on its facility in British Columbia.
The Canadian cannabis company cultivates and distributes medical cannabis to 12 countries, including Canada, Australia, New Zealand and Germany.
Shares of Tilray were down more than 4% to $130.94 in Thursday pre-market trading.
Contact Lenore Fedow at [email protected]