Company: GROVW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038957
Chunk: 263

Company: Grove Collaborative Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 263
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. Siena Amendment No. 2 also eliminated certain contingencies related to the maturity date. Siena Amendment No. 2 did not modify any other terms related to the Siena Revolver, including maximum borrowing capacity. On May 8, 2025, the Company entered into a third amendment to the Siena Revolver (“Siena Amendment No. 3” and collectively with Siena Amendment No. 1 and Siena Amendment No. 2 the “Siena Amendments”), which among other things, extended the maturity date of the Siena Revolver to April 10, 2028 and eliminated the financial covenant applicable to the Siena Revolver. Under Siena Amendment No. 3, the interest rates applicable to borrowings under the Siena Revolver are based on a fluctuating rate of interest measured by reference to either, at the Company’s option, (i) a Base Rate plus 3.25% or (ii) the term Secured Overnight Financing Rate (“Term SOFR”) then in effect plus 4.25%. The Base Rate is defined as the greatest of: (1) Prime Rate as published in the Wall Street Journal, (2) federal funds rate plus 0.50% and (3) 5.00% per annum.The Company accounted for the Siena Amendments under debt modification accounting due to the terms being deemed substantially similar. The Company paid $0.5 million of issuance costs related to the Siena Amendments which are included within other assets on the Company’s condensed consolidated balance sheets and are being amortized through the Siena Revolver’s scheduled maturity date.In accordance with the agreement, Siena has been provided with the Company’s periodic financial statements and updated projections to facilitate their ongoing assessment of the Company.

The Siena Revolver is collateralized by the Company’s accounts receivable and inventory balances. As of June 30, 2025, the Company has an outstanding principal balance of $7.5 million under the Siena Revolver with an interest rate of 8.58%. As of June 30, 2025, additional borrowing capacity from the Siena Revolver was $0.4 million. The Siena Revolver is the Company’s only debt facility as of June 30, 2025 and December 31, 2024. 

18

Table of ContentsGrove Collaborative Holdings, Inc.Notes to Condensed Consolidated Financial Statements (continued)(Unaudited)

7.    Commitments and Conting