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 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.
