Blue Apron Holdings, Inc. announced that the company has refinanced its existing revolving credit facility. As part of the refinancing, the company entered into an amendment to the revolving credit agreement with its existing lender syndicate, led by Morgan Stanley, to, among other things, extend the final maturity date of the facility from August 2019 to February 2021, reduce the aggregate lender commitments to $85.0 million, and increase the applicable interest rate spread currently paid by the company by two hundred basis points.

“This non-dilutive refinancing represents another step forward in our efforts to strengthen the financial profile of the business as we continue to drive toward our goal of achieving adjusted EBITDA breakeven in 2019,” stated Tim Bensley, Chief Financial Officer, Blue Apron. “The amended credit facility provides us the financial flexibility to remain focused on the strategic priorities that we expect will optimize the business, including evolving and expanding our product portfolio, enhancing our overall customer experience, and entering new retail and on-demand channels of distribution to best serve consumers on their terms. While we take these actions to drive the business, we also expect to continue realizing additional operational efficiencies.”