Blue Apron Holdings Inc (NYSE: APRN) shares are trading higher Monday after the company announced a $70.5 million planned capital infusion through debt and equity financing.
Blue Apron entered into agreements for a new $40 million private placement investment by RJB Partners and a $500,000 private placement investment by Blue Apron president and CEO Linda Findley. The company also plans to refinance its existing debt with $30 million of senior secured notes issued to clients of Allianz (ETR:ALVG) Global Investors.
Blue Apron said it plans to use the proceeds to pay off its existing term loan, and for general corporate purposes to stay focused on its long-term sustainable growth plan and to continue to execute on its turnaround strategies.
Blue Apron offers fresh, chef-designed recipes with responsibly sourced ingredients, delivered directly to customers.
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APRN 52-Week Range: $3.00 - $12.75
According to data from Benzinga Pro, the stock was up 26.4% at $3.81 at press time.
Photo: courtesy of Blue Apron.
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