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Blue Apron Achieves Lower Coupon Rate on Senior Secured Notes
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Blue Apron (NYSE: APRN) announced it has achieved a favorable bond rating, allowing it to benefit from a lower interest rate of 8.875% on $30 million of Senior Secured Notes due 2027. The rating follows a debt refinancing in May 2022, extending debt maturity by five years. CFO Randy Greben stated that this rating enhances financial flexibility and reduces interest expenses, making it advantageous during challenging market conditions.
Positive
Achieved a favorable bond rating, qualifying for an 8.875% coupon on Senior Secured Notes.
Debt maturity extended to 2027, improving financial flexibility.
Lower interest rate enhances cost management during difficult market conditions.
Negative
None.
Rating Qualifies Company for 8.875% Coupon on Debt
NEW YORK--(BUSINESS WIRE)--
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.
