Company: GROVW
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001628280-25-013839
Chunk: 152

Company: Grove Collaborative Holdings, Inc.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 8
Chunk 152
---
 and Security Agreement with Siena (“Siena Amendment No. 1”). The Siena Amendment modifies certain terms related to how the Company’s available borrowing capacity is determined and when appraisals are required. The Siena Amendment No. 1 did not modify any other terms related to the Siena Revolver, including maturity date or maximum borrowing capacity. On November 21, 2024, the Company entered into Amendment No. 2 to Loan and Security Agreement with Siena (“Siena Amendment No. 2”, and together with Siena Amendment No. 1, collectively, the “Siena Amendments”). The Siena Amendment No. 2 modifies certain terms related to how the Company’s available borrowing capacity is determined, when appraisals are required and conditions that must be satisfied to consummate acquisitions and pay earn-outs. The Siena Amendment No. 2 also modifies the maturity date to eliminate the requirement that the Siena Revolver be coterminous with the Structural Debt Facility. The Siena Amendment No. 2 did not modify any other terms related to the Siena Revolver, including maximum borrowing capacity. The Company accounted for the Siena Amendment No. 1 and Siena Amendment No. 2 (together, the “Siena Amendments”) under debt modification accounting due to the terms being deemed not substantially different. The Company paid an aggregate $0.3 million of issuance costs related to the Siena Amendments which are included within other assets on the Company’s consolidated balance sheets and are being amortized through the Siena Revolver’s scheduled maturity date.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 an applicable margin, or (ii) the Term Secured Overnight Financing Rate (“Term SOFR”) then in effect, plus 0.10% and an applicable margin. 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 applicable margin for Siena Revolver borrowings is based on the Company’s monthly average principal balance outstanding and ranges from 2.75% to 4.50% per annum in the case of Base Rate Borrowings, as defined by the Siena Revolver, and 3.75% to 5.50%