December 15, 2020

Sundial Announces $50 million Prepayment on Senior Secured Non-Revolving Term Credit Facility

CALGARY, AB (December 15, 2020) — Sundial Growers Inc. (Nasdaq: SNDL) (“Sundial” or the “Company”) today announced that the Company has prepaid $50 million of the outstanding principal under its senior secured non-revolving term credit facility (the “Facility”) to further improve its balance sheet. All amounts are denominated in Canadian dollars unless otherwise noted.

The debt repayment will result in an annualized reduction in interest costs of $2.5 million. Sundial’s remaining indebtedness consists of $22 million under the Facility and the Company’s current unrestricted cash balance is approximately $39 million.

“The accelerated repayment of a significant portion of our indebtedness is a further step in advancing our financial flexibility and reducing our overall cost structure,” said Sundial’s Chief Financial Officer, Jim Keough. “It reflects a substantial turnaround from our financial position earlier this year. Our current cash position enables us to focus on a path to positive cash flow from operations, refining our capital structure and potential future strategic opportunities.”

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