Boxed, Inc. the wholesale retailer, announced Friday it has secured up to $20 million in funding from an unknown lender. This was done after it entered a second lien-secured term loan with a lender that provided $10 million of new funding, with an option to receive an additional $10 million subject to the completion of certain milestones.
The company also entered into an amendment to its existing first lien debt facility managed by BlackRock that, among other things, reduces Boxed’s minimum liquidity covenant by $5 million.
“This new financing will provide greater flexibility for us to continue to execute on our strategic vision and the strategic alternatives process,” said Chieh Huang, co-founder and CEO of Boxed, in a statement. “We value our existing relationships with funds and accounts managed by BlackRock and the Lender and are excited to continue to work closely with them.”
Related: Save A Lot Shutters 2 DCs, Lays Off Staff; PCC Celebrates 70 Years