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BlackRock Provides New $45MM Credit Facility to Boxed

August 06, 2021, 07:05 AM
Filed Under: e-Commerce
Related: BlackRock

Boxed, an e-commerce grocery platform selling bulk consumables to households and businesses, and an e-commerce enabler selling software and services to enterprise retailers around the world, entered into a new $45 million secured credit facility provided by funds and accounts managed by BlackRock. The New Credit Facility will mature on August 4, 2025, and is secured by all of the assets of Boxed and its subsidiaries, subject to customary exceptions.

Chieh Huang, Co-founder and Chief Executive Officer of Boxed said, “This new secured credit facility provides flexibility to drive customer acquisition, expand our product assortment, enhance our loyalty programs, and continue to help the world stock up through our breakthrough technology. We are extremely excited to be working with funds and accounts managed by a party of BlackRock’s caliber.”

On June 13, 2021, Boxed and Seven Oaks Acquisition Corp. (“Seven Oaks” or “SVOK”) (Nasdaq: SVOK, SVOKU, SVOKW), a publicly-traded special purpose acquisition company, entered into a definitive agreement relating to the business combination that would result in Boxed becoming a public company upon the closing of the transaction. Boxed also announced its intention to list on the New York Stock Exchange (“NYSE”) upon the closing of the business combination, which is expected in the fourth quarter of 2021. The combined company will be called Boxed, Inc. and its common stock and warrants are expected to list on the NYSE under the new ticker symbols “BOXD” and “BOXD WS”, respectively.

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