Blue Apron Achieves Lower Coupon Rate on Senior Secured Notes
July 20 2022 - 1:10PM
Business Wire
Rating Qualifies Company for 8.875% Coupon on
Debt
Blue Apron (NYSE: APRN) announced today that it has received a
rating from a leading ratings agency that qualifies the company for
the lower of two interest rates provided for in the note purchase
agreement on its $30.0 million of Senior Secured Notes due
2027.
The note purchase agreement, entered into on May 5, 2022,
provides for an interest rate of 8.875% if the company received a
minimum specified bond rating, with a step-up to 11.875% in the
event that the rating falls below a minimum rating specified in the
note purchase agreement.
“We are pleased to have achieved a favorable rating following
the completion of our debt refinancing in May, which moved out our
debt maturity five years to 2027,” said Randy Greben, Blue Apron’s
Chief Financial Officer. “This rating provides us with a
meaningfully lower interest rate expense, making it a particularly
attractive financing during this challenging market environment.
The new debt helped to improve our financial flexibility as we work
towards executing against our strategic initiatives.”
About Blue Apron
Blue Apron’s vision is Better Living Through Better Food™.
Launched in 2012, Blue Apron offers fresh, chef-designed recipes
that empower home cooks to embrace their culinary curiosity,
challenge their abilities in the kitchen and see what a difference
cooking quality food can make in their lives. Blue Apron is a
carbon-neutral meal-kit company and is focused on bringing
incredible recipes to its customers, while promoting planetary and
dietary wellness for everyone.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220720005854/en/
Investors Tip Fleming Blue Apron
tip.fleming@blueapron.com Media Muriel Lussier Blue Apron
muriel.lussier@blueapron.com
Blue Apron (NYSE:APRN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Blue Apron (NYSE:APRN)
Historical Stock Chart
From Apr 2023 to Apr 2024