Group says new agreement secures funding stability for the next five years and room for further growth
Greenyard has announced it has closed a new financing agreement for €420m, made up of a €220m senior secured term loan A and a €200m senior secured revolving credit facility with a syndicate of banks, consisting of existing and new lenders.
The group said that the €420m gave it the room to grow over the five-year maturity of the loans, “securing financial stability in an uncertain macro-economic and geopolitical environment” to execute its Strategy 2030.
”By acting as a powerhouse in plant food, the company continues to bring the pure power of plants to consumers, through its unique business model in which it closely collaborates and integrates with customers for the longer term,” Greenyard stated.
The documentation includes a leverage-based margin between 250bps and 175bps for the term loan, and between 225bps and 150bps for the revolving credit facility.
Upon closing, the proceeds will be used to refinance the existing loans. A ”significant part” of the floating debt rate has been pre-hedged, already before summer.
“We are pleased to see the trust of our banks, existing and new, in the future of this company,” said Geert Peeters, CFO of Greenyard.
”We believe that fruit and vegetables are at the heart of current consumer trends,” Peeters noted. ”They are the core of healthy and sustainable diets, and with Greenyard we play an important role in delivering these products to consumers across the world.
“We are excited to have smoothly closed this refinancing and secured the financial stability for our journey over the coming five years.”