Amendments Provide Company with Greater
Financial Flexibility to Execute Against “The Next Course”
Strategic Plan
Blue Apron (NYSE: APRN) announced today that the company has
amended the terms of its $30.0 million of Senior Secured Notes due
in 2027 (the “Notes”).
The amendments include the addition of a provision by which the
Notes are callable within 18 months of their issuance (May 5,
2022), subject to a make-whole payment, as well as providing the
company with the optionality to use up to $25.0 million of cash for
potential future share repurchases, subject to certain conditions,
including the closing of $50.0 million equity financing the company
expects this week. Any decision relating to any potential future
share repurchases would be made only after appropriate
consideration of the company’s cash resources and needs, operating
results, and other relevant factors. The new amendments also add
certain limitations to the definition of Cash Flow Forecast.
“We are pleased to have negotiated amendments to our debt
agreement that further enhance the terms of our debt and give us
greater optionality to deploy cash,” said Randy Greben, Blue
Apron’s Chief Financial Officer. “These new amendments align with
our recent strategic initiatives to strengthen our balance sheet as
we execute ‘The Next Course’ strategy.”
As Blue Apron moves into the next phase of its turnaround, the
company’s strengthened balance sheet positions it to execute
against the next evolution of its strategic plan titled “The Next
Course.” The plan, which outlines a path to profitability, is
centered around three key objectives to drive growth over the next
three years, including curated customer experiences, a scalable
platform and sustainable profit.
Blue Apron strives to be the first choice for consumers who seek
out curated food experiences that meet the needs of their household
and enhance their lives. Through targeted marketing spend,
continued investment in product innovation, and the build out of
other revenue streams via partnerships, add-ons and marketplace
offerings, the company is advancing its path to profitability while
delivering value to all stakeholders.
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.
Forward Looking Statements
This press release includes statements concerning Blue Apron
Holdings, Inc. and its future expectations, plans and prospects
that constitute "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. For this
purpose, any statements contained herein that are not statements of
historical fact may be deemed to be forward-looking statements. In
some cases, you can identify forward-looking statements by terms
such as "may," "should," "expects," "plans," "anticipates,"
"could," "intends," "target," "projects," "contemplates,"
"believes," "estimates," "predicts," "potential," or "continue," or
the negative of these terms or other similar expressions. The
forward-looking statements in this press release are only
predictions. Blue Apron has based these forward-looking statements
largely on its current expectations and projections about future
events and financial trends that it believes may affect its
business, financial condition and results of operations. These
forward-looking statements speak only as of the date of this press
release and are subject to a number of risks, uncertainties and
assumptions including, without limitation, the company's ability to
operate as a going-concern in the event that the pending $50.0
million equity financing and a certain marketing receivable
transaction do not close on the expected terms, the company’s
expectations regarding its expenses and revenue, its ability to
grow adjusted EBITDA and achieve or maintain profitability, the
sufficiency of the company’s cash resources, the company’s needs
for additional financing; the company’s ability, including the
timing and extent, to sufficiently manage costs and to fund
investments in its operations in amounts necessary to maintain
compliance with financial, environmental, sustainability and
corporate governance (“ESG”), and other covenants under its
indebtedness while continuing to support the execution and
acceleration of its growth strategy on the company’s anticipated
timelines; the company’s ability, including the timing and extent,
to successfully support the execution of its growth strategy,
cost-effectively attract new customers and retain existing
customers, including its ability to sustain any increase in demand
resulting from both its growth strategy or the COVID-19 pandemic,
and its ability to continue to expand its product offerings and
distribution channels, and to continue to execute operational
efficiency practices; the company’s expectations regarding, and the
stability of, its supply chain, including potential shortages,
interruptions and/or increased costs in the supply or delivery of
ingredients, and parcel and freight carrier interruptions or delays
and/or higher freight or fuel costs, as a result of inflation or
otherwise; changes in consumer behaviors, tastes and preferences
that could lead to changes in demand, including as a result of,
among other things the impact of inflation or other macroeconomic
factors, and to some extent, long-term impacts on consumer behavior
and spending habits; the company’s ability to attract and retain
qualified employees and personnel in sufficient numbers; any
material and adverse impact of the COVID-19 pandemic or any future
surges, including as a result of new variants and subvariants of
the virus, on the company’s operations and results, such as
challenges in employee recruiting and retention, any prolonged
closures, or series of temporary closures, of one or both of its
fulfillment centers, supply chain or carrier interruptions or
delays, and any resulting need to cancel or shift customer orders;
the company’s ability to effectively compete; the company’s ability
to maintain and grow the value of its brand and reputation; the
company’s ability to achieve its ESG goals in its anticipated
timeframe, if at all; the company’s ability to maintain food safety
and prevent food-borne illness incidents and its susceptibility to
supplier-initiated recalls; the company’s ability to comply with
modified or new laws and regulations applying to its business, or
the impact that such compliance may have on its business; the
company’s vulnerability to adverse weather conditions, natural
disasters, wars, and public health crises, including pandemics; the
company’s ability to protect the security and integrity of its data
and protect against data security risks and breaches; the company’s
ability to obtain and maintain intellectual property protection;
and other risks more fully described in the company’s Annual Report
on Form 10-K for the year ended December 31, 2021 filed with the
SEC on February 25, 2022, the company’s Quarterly Report on Form
10-Q for the quarter ended March 31, 2022 filed with the SEC on May
9, 2022, the company’s Quarterly Report on Form 10-Q for the
quarter ended June 30, 2022 filed with the SEC on August 8, 2022,
and in other filings that the company may make with the SEC in the
future. The company assumes no obligation to update any
forward-looking statements contained in this press release, whether
as a result of any new information, future events, or
otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20220830005949/en/
Muriel Lussier Blue Apron muriel.lussier@blueapron.com
Blue Apron (NYSE:APRN)
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