{"id":39620,"date":"2023-01-03T16:58:31","date_gmt":"2023-01-03T16:58:31","guid":{"rendered":"http:\/\/www.brandon.ddtest.info\/multisite-test\/grove-collaborative-refinances-debt-with-72m-term-loan\/"},"modified":"2023-01-03T16:58:31","modified_gmt":"2023-01-03T16:58:31","slug":"grove-collaborative-refinances-debt-with-72m-term-loan","status":"publish","type":"post","link":"http:\/\/www.brandon.ddtest.info\/multisite-test\/grove-collaborative-refinances-debt-with-72m-term-loan\/","title":{"rendered":"Grove Collaborative refinances debt with $72M term loan"},"content":{"rendered":"<p> \n<\/p>\n<div>\n<div class=\"text-to-speech\">\n    <button class=\"text-to-speech__button button\"><br \/>\n            <img class=\"text-to-speech__button__icon\" src=\"https:\/\/news.google.com\/static\/images\/audio_icon.svg?482016190122\" alt=\"\"\/><br \/>\n            Listen to the article<br \/>\n            <span class=\"text-to-speech__button__audio-length\">3 min<\/span><br \/>\n    <\/button><\/p>\n<div class=\"text-to-speech__controls\">\n        <audio controls=\"\" class=\"js-text-to-speech\" preload=\"none\"><source src=\"https:\/\/res.cloudinary.com\/dmgi9movl\/video\/upload\/q_1\/v1672763094\/news\/text_to_speech\/grove-collaborative-refinances-debt_c0hj5q.wav\" type=\"audio\/mp3\"><\/source><\/audio><\/p>\n<div class=\"text-to-speech__controls__text\">\n            This audio is auto-generated. Please let us know if you have <a href=\"https:\/\/news.google.com\/contact\/\">feedback<\/a>.\n        <\/div>\n<\/p><\/div>\n<\/div>\n<h3>Dive Brief:<\/h3>\n<ul>\n<li>Following rough performance since <a href=\"https:\/\/www.businesswire.com\/news\/home\/20220616005839\/en\">going public in June<\/a>, Grove Collaborative announced on Dec. 27 that it <a href=\"https:\/\/www.businesswire.com\/news\/home\/20221227005247\/en\">refinanced its existing debt<\/a> with a $72 million four-year term loan, according to a company press release.\u00a0<\/li>\n<li>The loan \u2014\u00a0which the company says will be used in its push toward profitability \u2014\u00a0matures in December 2026, with the principal repayment period starting in July 2025, per the release.<\/li>\n<li>Grove Collaborative\u2019s new financing also brings in Structural Capital and Avenue Sustainable Solutions Fund as new capital partners.\u00a0<\/li>\n<\/ul>\n<h3>Dive Insight:<\/h3>\n<p>Grove Collaborative \u2014\u00a0a consumer products company focused on sustainability \u2014\u00a0is banking on its latest debt refinancing to bring it to profitability.\u00a0<\/p>\n<p>\u201cWe are pleased to announce this agreement, which provides greater financial flexibility to our cash and liquidity position,\u201d Stuart Landesberg, co-founder and CEO of Grove, said in a statement.\u00a0\u201cThis transaction better positions Grove for long-term success, enabling us to execute against our strategic value creation plan with the goal of achieving profitability in 2024.\u201d<\/p>\n<p>The company is starting the new year after <a href=\"https:\/\/www.retaildive.com\/news\/grove-collaborative-receives-nyse-delisting-notice\/639290\/\">receiving a delisting notice<\/a> from the New York Stock Exchange last month. While it has only been publicly trading for about seven months, Grove Collaborative was told it wasn\u2019t in compliance with the NYSE requirement to be trading at an average closing share price of at least $1.00 over a 30-day period. At the time of publication, the company\u2019s stock was trading at $0.40.<\/p>\n<p>Its third-quarter earnings in November showed net revenue dropped more than 18% year over year to $77.7 million, but it switched from a net loss to a profit of $7.7 million. The company also raised its full-year outlook, expecting net revenue between $313 million and $320 million. The company <a href=\"https:\/\/www.retaildive.com\/news\/grove-collaborative-slashes-long-term-growth-expectations-as-revenue-drops\/624981\/\">slashed its 2024 growth expectations in June<\/a>, cutting its outlook from $600 million in revenue to between $330 million and $360 million.<\/p>\n<p>Grove Collaborative was focused on expanding wholesale partnerships during 2022. The company announced in September that it would <a href=\"https:\/\/www.retaildive.com\/news\/grove-collaborative-enter-cvs-stores\/632528\/\">double its retail presence through a CVS<\/a>\u00a0partnership, and struck a new <a href=\"https:\/\/www.retaildive.com\/news\/grove-collaborative-kohls-meijer-giant-eagle\/626834\/\">deal with Kohl\u2019s<\/a> in July.\u00a0<\/p>\n<p>The company also brought in some new support throughout the year, hiring former Unilever executive Sergio Cervantes as its <a href=\"https:\/\/www.retaildive.com\/news\/grove-collaborative-hires-former-unilever-exec-as-cfo\/622116\/\">Chief Financial Officer<\/a> and adding <a href=\"https:\/\/www.retaildive.com\/news\/drew-barrymore-invests-in-grove-collaborative\/621882\/\">Drew Barrymore<\/a> to its list of investors in April.<\/p>\n<\/p><\/div>\n\n<br \/><a href=\"https:\/\/news.google.com\/__i\/rss\/rd\/articles\/CBMiS2h0dHBzOi8vd3d3LnJldGFpbGRpdmUuY29tL25ld3MvZ3JvdmUtY29sbGFib3JhdGl2ZS1yZWZpbmFuY2VzLWRlYnQvNjM5NTAyL9IBAA?oc=5\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Listen to the article 3 min This audio is auto-generated. Please let us know if you have feedback. Dive Brief: Following rough performance since going public in June, Grove Collaborative announced on Dec. 27 that it refinanced its existing debt with a $72 million four-year term loan, according to a company press release.\u00a0 The loan &hellip;<\/p>\n","protected":false},"author":1,"featured_media":39621,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[161],"tags":[],"_links":{"self":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/39620"}],"collection":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/comments?post=39620"}],"version-history":[{"count":0,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/39620\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media\/39621"}],"wp:attachment":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media?parent=39620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/categories?post=39620"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/tags?post=39620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}