Blue Apron Obtains Lower Coupon Rate on Senior Secured Notes
NEW YORK–(BUSINESS WIRE)–Blue Apron (NYSE: APRN) today announced that it has received a rating from a leading rating agency that qualifies the company for the lower of two interest rates under the purchase agreement notes on its $30.0 million of senior secured notes due 2027.
The bond purchase agreement, entered into on May 5, 2022, provides for an interest rate of 8.875% if the company received a specified minimum bond rating, with an increase to 11.875% if the rating falls below a minimum rating. specified in the ticket purchase agreement.
“We are pleased to have received a positive rating following the completion of our debt refinancing in May, which extended our debt maturity by five years to 2027,” said Randy Greben, Chief Financial Officer of Blue. Apron. “This rating allows us to have a significantly lower interest charge, which makes it particularly attractive financing in this difficult market environment. The new debt has helped improve our financial flexibility as we strive to execute our strategic initiatives. »
About the blue apron
Blue Apron’s vision is Better Living Through Better Food™. Launched in 2012, Blue Apron offers fresh, chef-designed recipes that allow home cooks to embrace their culinary curiosity, challenge their cooking abilities, 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 amazing recipes to its customers, while promoting planetary and dietary wellness for all.
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