E-cigarette maker Juul to explore options including financing

Business
Jul.18.2022

(Reuters) -Juul Labs Inc said on Friday it is in the early stages of exploring several options including financing alternatives, as the company deals with lawsuits and a probable ban on sales of its e-cigarettes by U.S. health regulators.

 

E-cigarette maker Juul to explore options including financing

Bloomberg News earlier reported, citing sources, that Juul's bankers at Centerview Partners are sounding out investors for a possible $400 million first-lien term loan due August 2023. (https://bloom.bg/3O9qStl)

The proceeds would help refinance an existing term loan, which has around $394 million outstanding and matures on the same date, the report added.

A spokesperson for Juul told Reuters that the company is looking at options to protect its business and to 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."

 

Centerview Partners declined to comment when contacted by Reuters.

 

Bloomberg News in its report said Juul was also considering a new $150 million second-lien term loan, which may have an August 2024 maturity, to help pay down some of the first-lien term loan and to increase liquidity, the report said.

 

Financing proposals for either loan are due July 21, according to the report.

 

Last month, the Food and Drug Administration (FDA) blocked sales of Juul e-cigarettes and said the applications "lacked sufficient evidence" to show that sale of the products would be appropriate for public health.

 

However, Juul appealed the agency's order and earlier this month FDA put on hold its ban saying it would do an additional review of the company's marketing application.

 

(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shailesh Kuber)

 

The content excerpted or reproduced in this article comes from a third-party, and the copyright belongs to the original media and author. If any infringement is found, please contact us to delete it. Any entity or individual wishing to forward the information, please contact the author and refrain from forwarding directly from here.

Australia’s TGA Seizes Illicit Vaping Products Worth Over  US$670,000 in Bendigo
Australia’s TGA Seizes Illicit Vaping Products Worth Over US$670,000 in Bendigo
Australia’s Therapeutic Goods Administration (TGA) has seized illicit vaping products with an estimated street value exceeding A$1 million (approximately US$670,000) following an enforcement operation in Bendigo, Victoria.
Dec.24 by 2FIRSTS.ai
2Firsts Observation|VELO at Stockholm Arlanda: Travel-Centric Messaging and Full-Line Flavour Presentation
2Firsts Observation|VELO at Stockholm Arlanda: Travel-Centric Messaging and Full-Line Flavour Presentation
2Firsts observed at Stockholm Arlanda Airport that British American Tobacco’s VELO positions the airport environment as a core marketing scenario, deploying large-format LED displays, a full flavour matrix, and clear nicotine-strength segmentation. The brand also features an instructional “How to Use VELO” section and multi-pack sales strategy, showcasing its systematic merchandising capabilities in the Nordic travel-retail channel.
Nov.19 by 2FIRSTS.ai
Product | “2+20” Configuration and Magnetic Semi-Enclosed Design: JNR Open-System E-cigarette Enters the UK Market
Product | “2+20” Configuration and Magnetic Semi-Enclosed Design: JNR Open-System E-cigarette Enters the UK Market
The e-cigarette brand JNR has recently launched its open-system product, JNR Whale, in the UK market, with the device now available through online retail channels such as Vape Sourcing and IDEA VAPE. The product features a 2+20 ml refillable configuration, combined with a dual mesh coil and a magnetic design, and is priced at approximately £11.99 across retail channels.
Dec.16 by 2FIRSTS.ai
Bradford meeting told rising cannabis-vape use is a “threat to the younger generation”
Bradford meeting told rising cannabis-vape use is a “threat to the younger generation”
A licensing meeting in Bradford was told that the rising use of cannabis vapes is a “threat to the younger generation”. E-cigarettes containing THC are illegal for recreational purposes but have been found on sale in the district.
Dec.31 by 2FIRSTS.ai
Thailand to Establish Inter-Agency Committee to Strengthen E-Cigarette Enforcement
Thailand to Establish Inter-Agency Committee to Strengthen E-Cigarette Enforcement
The Thai government will establish an inter-agency committee under the Prime Minister’s Office to address the rapid spread of e-cigarettes among youth. Deputy Prime Minister Sophon Sarum said the fragmented enforcement across multiple laws and agencies has created gaps. The new mechanism will coordinate enforcement, report directly to the Cabinet, and propose legal amendments if current laws are insufficient.
Nov.20 by 2FIRSTS.ai
Altria CEO Billy Gifford to Retire; Sal Mancuso Named Successor
Altria CEO Billy Gifford to Retire; Sal Mancuso Named Successor
Altria Group, Inc. (NYSE: MO) announced that CEO Billy Gifford will retire at the conclusion of the 2026 Annual Meeting of Shareholders on May 14, 2026, after more than 30 years with the company. The Board of Directors has elected Salvatore (Sal) Mancuso, Altria’s current Executive Vice President and CFO, to succeed him as CEO.
Dec.12 by 2FIRSTS.ai