Grove Collaborative refinances existing debt, extends maturity

Grove Collaborative Holdings "announced that it has entered into a new Loan and Security Agreement providing for a four-year $72.0 million term loan. With this transaction, Grove also welcomes two capital partners with deep experience in consumer, disruptive commerce, and ESG to its capitalization table, Structural Capital and Avenue Sustainable Solutions Fund, L.P. The new funds will be used to refinance existing debt and to fund ongoing business operations as Grove continues to push to profitability. The term loan bears an annual interest at the greater of 15% or prime plus 7.5%, payable monthly. The principal repayment period commences in July 2025 and the term loan matures in December 2026."