Funds and accounts managed by BlackRock provided a $45 million secured credit facility to 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. The new credit facility will mature on Aug. 4, 2025, and is secured by all of the assets of Boxed and its subsidiaries, subject to customary exceptions.
“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,” Chieh Huang, co-founder and CEO of Boxed said. “We are extremely excited to be working with funds and accounts managed by a party of BlackRock’s caliber.”
On June 13, Boxed and Seven Oaks Acquisition, 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 upon the closing of the business combination, which is expected to occur in Q4/21.