APRN - Blue Apron shares surge on updated turnaround strategy

Blue Apron (NYSE:APRN +40.1%) is bouncing back on Monday after announcing a new plan to deal with its debt. On Monday morning, the New York-based meal kit company announced it had entered into agreements for a new $40 million private placement investment by RJB Partners, a $500,000 private placement investment by Blue Apron’s President and CEO Linda Findley at $12 per share, and the refinancing of its existing debt with $30 million of senior secured notes issued to clients of Allianz Global Investors.  The total capital infusion amounts to $70.5 million, a figure equal to more than half of the company’s market cap.  “We also view this planned debt refinancing as a smart, strategic move during a time of rising interest rates,” Findley said. “Upon closing the new debt, we expect to repay our existing debt, which will move our debt maturity five years out to 2027 and lower our

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Blue Apron shares surge on updated turnaround strategy