Westrock Coffee Company announced it has entered into a new $600 million credit agreement and completed a series of transactions to restructure its convertible senior notes. The new financing was used to repay a prior credit agreement, repurchase a portion of its 2029 convertible notes, and amend the terms of the remaining notes.
Key Details
- New Credit Agreement: The company secured a new credit agreement dated October 21, 2026, which includes a $300 million revolving credit facility and a $300 million term loan facility, both maturing on October 21, 2031.
- Convertible Note Restructuring: Westrock repurchased and cancelled $40 million of its 5.00% convertible notes due 2029 for ~$21 million in cash and 2,391,030 shares of common stock. The company also amended and restated the remaining $32 million of these notes.
- Updated Convertible Note Terms: The amended notes are now designated as 6.00% Convertible Senior Notes due 2032. The interest rate was increased to 6.00% (from 5.00%), the maturity was extended to 2032, and the conversion price was reduced to $9.50 per share (from $12.84).