Westrock Coffee Provides Business Announcements, Update on Preliminary 2023 Full Year Results, and Initial 2024 Outlook - Seite 2

To fund the Conway facility expansion and the formation of the joint venture, Westrock announced today that it has issued $72 million aggregate principal amount of convertible senior unsecured notes due 2029 (the “notes”) in a private offering. The notes are senior unsecured obligations of the Company, and bear interest at a rate equal to 5.00% per year. The notes are convertible into shares of the Company’s common stock in certain circumstances and during certain periods at a conversion price of $12.84 per share, subject to adjustment.

The Company also announced it has amended its existing credit agreement to increase the Company’s total net leverage financial covenant compliance levels and decrease its minimum interest coverage ratio compliance level through the first quarter of 2026.

Wells Fargo Securities served as a Capital Markets Advisor to Westrock Coffee. Wachtell, Lipton, Rosen & Katz served as legal counsel to Westrock Coffee.

2023 Preliminary Results and Conference Call Information

In connection with today’s announcements, the Company is providing an update on anticipated 2023 full year results. The Company expects its 2023 Adjusted EBITDA to fall near the low end of its previously disclosed guidance range of $45 million to $50 million. The foregoing financial information is preliminary unaudited financial information which is subject to revision in connection with the finalization of financial statements for the Company’s 2023 fiscal year.

The Company will report its full year 2023 results on Tuesday, March 12, 2024 after market close. The announcement will be followed by a live earnings conference call at 4:30 p.m. EST. To participate in the live earnings call and question and answer session, please register at https://register.vevent.com/register/BIa80ab8d7d9824bdcb8f729b24cb3693 ... and dial-in information will be provided directly to you. The live audio webcast will be accessible in the “Events and Presentations” section of the Company’s Investor Relations website at https://investors.westrockcoffee.com. An archived replay of the webcast will be available shortly after the live event has concluded.

2024 Outlook

The Company expects consolidated Adjusted EBITDA to be between $60 million and $80 million in fiscal 2024. The guidance range is necessarily broad to account for the range of results the Company may experience as it commences operations at its Extract and RTD facility in Conway, Arkansas and the commercialization of customers at that facility. This guidance is an estimate of what the Company believes is realizable as of the date of this release, and actual results may vary from this guidance and the variations may be material. Management will provide additional details regarding the 2024 outlook on its earnings results call.