Westrock Coffee (NASDAQ:WEST) announced this morning that it has entered into a new credit agreement after closing its business combination with Riverview Acquisition Corp. today.
The coffee and tea supplier will now have access to $350 million in debt capital that includes a $175 million senior secured first lien term loan facility and a $175 million senior secured first lien revolving credit facility. The company was also able to raise approximately $300 million through its transaction, which includes $201.4 million in expected proceeds from the issuance of equity in the Riverview PIPE Financing, $66.0 million from the distribution of Riverview’s trust account and $28.5 million from the concurrent sale of an aggregate of 2,850,000 Westrock Common Shares, at a purchase price of $10.00 per share.
Westrock’s combination with Riverview marks the best vote in August thus far with only 73.5% of it shares redeemed. The parties expect to use the proceeds from both the transaction and new credit agreement to re-pay existing indebtedness and fund Westrock’s organic and strategic growth initiatives.
Beginning today, the company’s common stock and certain warrants to purchase shares of common stock will begin trading on the Nasdaq under the ticker symbols “WEST” and “WESTW,” respectively.
Riverview initially announced the $1.1 billion combination with Westrock Coffee on April 4 and shareholders approved the deal on August 25. Little Rock, Arkansas-based Westrock Coffee supplies innovative coffee, tea, flavors, extracts, and ingredients products to retail, food service and restaurant, convenience store, and hospitality industries around the world.
Westrock Coffee’s CEO and Co-Founder, Scott Ford, and the current management team of Westrock Coffee will continue to lead the company. Riverview’s Chairman and CEO, R. Brad Martin will join Westrock Coffee’s Board of Directors.
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