Westrock Coffee announces $75M equity investment

Westrock Coffee Company entered into definitive agreements with affiliates of HF Capital, LLC and the Herbert Hunt family to make aggregate equity investments of $75.0 million in the Company through the purchase of 7,500,000 shares of Company common stock at a price of $10.00 per share. The transactions are expected to close in August 2023, subject to the satisfaction of customary closing conditions, including, in the case of the investment by HF Capital, termination or expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The Company also announced it has amended its existing $400 million credit agreement to increase the Company’s total net leverage financial covenant for a period of time not to exceed April 1, 2025, and to raise the minimum interest coverage ratio from 1.50x to 2.00x.