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Long-term debt | 12 Months Ended
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May 31, 2022
Long Term Debt [Abstract] |
Long-term debt |
16. | Long-term debt
The following table sets forth the net carrying amount of long-term debt instruments:
|  | May 31, 2022 |  |  | May 31, 2021 |
Credit facility - C$80,000 - Canadian prime interest rate plus an applicable margin, 3-year term, with a 10-year amortization, repayable in blended monthly payments, due in November 2022 |  | $ | 53,720 |  |  | $ | 62,964 |
Term loan - C$25,000 - Canadian 5-year bond interest rate plus 2.73% with a minimum 4.50%, 5-year term, with a 15-year amortization, repayable in blended monthly payments, due in July 2023 |  |  | 12,750 |  |  |  | 14,335 |
Term loan - C$25,000 - 3.95%, compounded monthly, 5-year term with a 15-year amortization, repayable in equal monthly instalments of $188 including interest, due in April 2022 |  |  | 15,050 |  |  |  | 17,117 |
Term loan - C$1,250 - Canadian prime interest rate plus 1.5%, 5-year term, with a 10-year amortization, repayable in equal monthly instalments of C$13 including interest, due in August 2026 |  |  | 462 |  |  |  | 587 |
Mortgage payable - C$3,750 - Canadian prime interest rate plus 1.5%, 5-year term, with a 20-year amortization, repayable in equal monthly instalments of C$23 including interest, due in August 2026 |  |  | 2,327 |  |  |  | 2,562 |
Vendor take-back mortgage - C$2,850 - 6.75%, 5-year term, repayable in equal monthly instalments of $56 including interest, due in June 2021 |  |  | — |  |  |  | 92 |
Term loan ‐ €5,000 ‐ Euro Interbank Offered Rate plus 1.79%, 5‐year term, repayable in quarterly instalments of €250 plus interest, due in December 2023 |  |  | 1,878 |  |  |  | 3,356 |
Term loan ‐ €5,000 ‐ Euro Interbank Offered Rate plus 2.68%, 5‐year term, repayable in quarterly instalments of €250 plus interest, due in December 2023 |  |  | 1,878 |  |  |  | 3,356 |
Term loan ‐ €1,500 ‐ Euro Interbank Offered Rate plus 2.00%, 5‐year term, repayable in quarterly instalments of €98 including interest, due in April 2025 |  |  | 1,219 |  |  |  | 1,831 |
Term loan ‐ €1,500 ‐ Euro Interbank Offered Rate plus 2.00%, 5‐year term, repayable in quarterly instalments of €98 including interest, due in June 2025 |  |  | 1,307 |  |  |  | 1,831 |
Mortgage payable - $22,635 - EUROBIR rate plus 1.5%, 10-year term, with a 10-year amortization, repayable in monthly instalments of $57 plus interest, due in October 2030 |  |  | 21,561 |  |  |  | — |
Term loan - $100,000 - EUROBIR rate plus an applicable margin, 3-year term, repayable in quarterly instalments of $1,875 beginning March 31, 2021 for the first year and $2,500 thereafter, with the outstanding principal due in December 2023 |  |  | 75,000 |  |  |  | 98,138 |
Carrying amount of long-term debt |  |  | 187,152 |  |  |  | 206,169 |
Unamortized financing fees |  |  | (1,450 | ) |  |  | (2,061 | )
Net carrying amount |  |  | 185,702 |  |  |  | 204,108 |
Less principal portion included in current liabilities |  |  | (67,823 | ) |  |  | (36,622 | )
Total noncurrent portion of long-term debt |  | $ | 117,879 |  |  | $ | 167,486 |
The credit facility of C$80,000 ($66,278) was entered into on November 29, 2019 by 51% owned subsidiary Aphria Diamond and is secured by the property at 620 County Road 14, Leamington, Ontario, owned by Aphria Diamond, and a guarantee from Aphria Inc. The term loan of C$25,000 ($20,712) was entered into on July 27, 2018 and is secured by the property at 223, 231, 239, 265, 269, 271 and 275 Talbot Street West, Leamington Ontario, a first position on a general security agreement, and an assignment of fire insurance to the lender. The effective interest rate during the year was 4.68%. The term loan of C$25,000 ($20,712) was entered into on May 9, 2017 and is secured by the property at 265 Talbot Street West, Leamington Ontario, a first position on a general security agreement, and an assignment of fire insurance to the lender. The term loan of C$1,250 ($1,036) and mortgage payable of C$3,750 ($3,108) were entered into on July 22, 2016 and are secured by the property at 265 Talbot Street West, Leamington, Ontario and a first position on a general security agreement. The vendor take-back mortgage payable of C$2,850 ($2,361) was entered into on June 30, 2016 in conjunction with the acquisition of the property at 265 Talbot Street West. The mortgage was secured by the property at 265 Talbot Street West, Leamington, Ontario. The mortgage was repaid in full and the security released in June 2021. The Company entered into term loans between December 2019 and June 2021 for €13,000 ($16,165) through wholly owned subsidiary CC Pharma. These term loans are secured against the distribution inventory held by CC Pharma. The Company, entered into a secured credit agreement on March 31, 2021 for a term loan of $100,000 through wholly owned subsidiary Four Twenty Corporation (“420”). 420 provided all of its and its subsidiaries’ assets as security for the loan and Aphria Inc. provided a corporate guarantee. During the year ended May 31, 2022, the Company acquired all the membership interests in Cheese Grits, LLC, a Georgia limited liability company that owns the SweetWater Brewing Company brewery and taproom in Atlanta, Georgia, which facility was previously leased to the Company. Cheese Grits, LLC, was owned by certain former equity holders of SweetWater and current employees. As part of this purchase, the Company through subsidiary Cheese Grits, LLC, acquired the mortgage payable which is secured against the brewery and taproom. During the year, the Company amended its bank agreement to remove certain financial covenants in return for maintaining a minimum balance of C$7,083 ($5,596) and C$1,350 ($1,067) in certain Canadian cash operating accounts. As at May 31, 2022, the Company was in compliance with all the long-term debt covenants.

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