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Grove Collaborative Holdings Inc (NYSE: GROV) has entered into a new loan and security agreement providing for a four-year $72.0 million term loan.
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With the transaction, Structural Capital and Avenue Sustainable Solutions Fund, L.P. join as capital partners with experience in consumer, disruptive commerce, and ESG.
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The company plans to use the new funds to refinance existing debt and to fund ongoing business operations.
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The term loan bears an annual interest at the greater of 15% or prime plus 7.5%, payable monthly.
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The principal repayment period commences in July 2025 and the term loan matures in December 2026.
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The loan agreement replaces Grove’s existing credit facilities by and among Grove and Silicon Valley Bank dated as of July 29, 2020.
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Price Action: GROV shares are trading higher by 11.75% at $0.31 in premarket on the last check Wednesday.
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