Westrock Coffee (NASDAQ:WEST)
After completing a de-spac, Westrock Coffee (NASDAQ:WEST) will start trading on Monday. In addition, it announced a new $350 million credit agreement that will aid in its expansion aspirations.
In a Zoom interview with Seeking Alpha, Westrock CEO Scott Ford said, “This is a huge milestone. “Though it’s not always a destination, it’s an important turning point in a journey. We really started from nothing to build the company into one with a billion-dollar valuation.
According to a press release, Westrock (NASDAQ:WEST) has announced the signing of a new credit agreement that includes a $175 million senior secured first lien term loan facility and a $175 million senior secured first lien revolving credit facility.
Ford declared, “We are off to the races.” “Our PIPE was 100% the size of the SPAC, so it’s not a typical SPAC,”
In what seems to be a swift turnaround in a SPAC area that has been severely problematic over the past year, Westrock(NASDAQ:WEST), which signed a partnership with SPAC Riverview Acquisition (NASDAQ:RVAC) to go public in April, is hitting the markets barely five months after the agreement was struck.
Ford considers the company a success and further argues how the recapitalization allows them to reduce debt and erect brand-new facilities. He points out how they are a normal company that is going through a shift.
Over 20 million cups of coffee are currently delivered daily to customers worldwide by Westrock Coffee, which was founded in 2009. Westrock Coffee (NASDAQ:WEST) touts itself as the second largest supplier of ready-to-drink coffee extract and the leading custom/private label coffee and tea supplier to restaurants in the United States by volume.
If we take advantage of this incredible potential, some of the most marginalized individuals in the world might continue to see their incomes double and quadruple, according to Ford. That’s a win-win, I say.
Featured Image: Megapixl @Peterkremzar
Author Jowi Kwasu 
