These agreements add to previous agreements entered into in February by RJB Partners amounting to $5 million of common stock at $14 with rights to buy more stock at $15, $18 and $20. She added that proceeds from the spate of moves will help alleviate the overhang of its existing term loan and offer breathing room for progress on its turnaround strategies.įor the equity purchase agreements with Findley and RJB Partners, the purchase price of $12 represents a nearly 75% premium to Friday’s close.
“Upon closing the new debt, we expect to repay our existing debt, which will move our debt maturity five years out to 2027 and lower our overall debt service obligations, giving us the horizon to focus on executing our plans.” “We also view this planned debt refinancing as a smart, strategic move during a time of rising interest rates,” Findley said.
The total capital infusion amounts to $70.5 million, a figure equal to more than half of the company’s market cap.
On Monday morning, the New York-based meal kit company announced it had entered into agreements for a new $40 million private placement investment by RJB Partners, a $500,000 private placement investment by Blue Apron’s President and CEO Linda Findley at $12 per share, and the refinancing of its existing debt with $30 million of senior secured notes issued to clients of Allianz Global Investors. Blue Apron ( NYSE: APRN +40.1%) is bouncing back on Monday after announcing a new plan to deal with its debt.
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