Black Rock Coffee Bar closes IPO of 16.9M shares at $20, raises $338M; enters $75M credit facility

Black Rock Coffee Bar, Inc.

Closed IPO of 16,911,764 shares of Class A common stock at $20/share; gross proceeds of $338.2M.
Refinanced existing debt with new $75M credit facility from JPMorgan: $50M term loan and $25M revolver maturing 2030.
Issued 10.4M shares of Class B common stock to Cynosure investors and 22.0M shares of Class C common stock to founder fund.
Adopted amended charter authorizing 500M Class A, 200M Class B, 50M Class C common and 20M preferred shares.
Proceeds used to purchase newly issued and existing common units in OpCo and repay prior credit facility.

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