Juul’s bankers at Centerview Partners are looking to investors for a $400 million first-lien term loan that could mature in August 2023, according to Bloomberg.
The report added, that proceeds will help refinance the existing term loan, which has about $394 million outstanding and is due on the same date.
A spokesman told Reuters the company was looking at options to protect its business and address the “impact of the FDA’s now stayed order so we can continue offering our products to adult consumers who have or are looking to transition away from traditional cigarettes”.
Last month, the U.S. Food and Drug Administration (FDA) blocked the sale of Juul e-cigarettes, saying the applications lacked sufficient evidence to suggest that the sale of the products is suitable for public health.
However, Juul appealed the agency’s order, and the FDA tressed that it stayed suspended but does not rescind the marketing denial order earlier this month, saying there would be the additional review of the company’s marketing applications.Â
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