Westrock Coffee issues $72M convertible notes, expands facility, JV LOI; prelim 2023 EBITDA near low end

Westrock Coffee Co

Issued $72M 5% convertible senior notes due 2029 at $12.84 conversion price; proceeds to fund Conway facility expansion and JV.
Entered non-binding LOI with Select Milk Producers for JV to build ESL/aseptic multi-serve bottle line in Littlefield, TX; first shipment expected Q1 2026.
Preliminary 2023 Adjusted EBITDA expected near low end of $45M-$50M guidance; full year results to be reported March 12, 2024.
2024 outlook: Adjusted EBITDA $60M-$80M, reflecting startup of Conway facility.
Amended credit agreement to increase net leverage covenant levels and decrease interest coverage through Q1 2026.

item 1.01 item 2.02 item 2.03 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Westrock Coffee Co updated its fiscal 2024 guidance (initiated).

Period: fiscal 2024
Guidance: initiated
Result: guidance update

Exact text from the filing

The Company expects consolidated Adjusted EBITDA to be between $60 million and $80 million in fiscal 2024.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Westrock Coffee Co reported preliminary financial results for 2023 full year.

Period: 2023 full year
Result: preliminary results

Exact text from the filing

The Company expects its 2023 Adjusted EBITDA to fall near the low end of its previously disclosed guidance range of $45 million to $50 million.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Westrock Coffee Co amended Amendment No. 3 with Westrock Beverage Solutions, LLC, the lenders party thereto and Wells Fargo Bank, N.A., as administrative agent (effective 2024-02-15).

Action: amendment
Agreement: credit facility
Counterparty: Westrock Beverage Solutions, LLC, the lenders party thereto and Wells Fargo Bank, N.A., as administrative agent
Effective: 2024-02-15

Exact text from the filing

On February 15, 2024, Westrock Beverage Solutions, LLC (the “ Borrower ”), a Delaware limited liability company and a wholly-owned subsidiary of the Company, entered into Amendment No. 3 (the “ Amendment ”) among the Borrower, the lenders party thereto and Wells Fargo Bank, N.A., as administrative agent, to the Credit Agreement dated as of August 29, 2022

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Westrock Coffee Co entered into Convertible Notes due 2029 with Westrock Group, LLC, Wooster Capital, LLC, an affiliate of The Stephens Group, LLC, an affiliate of Sowell Westrock, L.P., HF Direct Investments Pool, LLC, an affiliate of the Herbert Hunt family and an individual investor valued at $72 million (effective 2024-02-15).

Action: entry
Agreement: notes offering
Counterparty: Westrock Group, LLC, Wooster Capital, LLC, an affiliate of The Stephens Group, LLC, an affiliate of Sowell Westrock, L.P., HF Direct Investments Pool, LLC, an affiliate of the Herbert Hunt family and an individual investor
Value: $72 million
Effective: 2024-02-15

Exact text from the filing

On February 15, 2024, Westrock Coffee Company, a Delaware corporation (the “ Company ”) sold and issued in a private placement $72 million in aggregate principal amount of 5.00% convertible senior notes due 2029 (the “ Convertible Notes ”).

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8 earnings releases filed in the last 30 days. Browse all earnings releases →

Westrock Coffee Co filing history →

Source: SEC EDGAR

accession 0001104659-24-024575

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