Greenyard USA

Belgium-based Greenyard has announced that it has received support from its consortium of banks, as well as a guarantee of the Flemish government’s investment fund Gigarant, for the refinancing of its outstanding debt.

The company has also received capital commitment from two private investors to participate in a €50m reserved capital increase.

The new €467.5m financing agreement is committed for a tenor of three years with a one-year extension option. It covers the refinancing of Greenyard's current bank debt, as well as the repayment of a €125m convertible bond.

In addition, investment company Alychlo NV, as well as existing shareholder, Joris Ide, have committed to participate in a €50m reserved capital increase.

Greenyard stated that the new bank financing, combined with the equity contribution, would offer a 'stable foundation for the execution of its long-term ambitions'.

“We are excited to see Greenyard taking this important step towards the execution of its long-term growth ambitions,' confirmed co-CEO Hein Deprez. 'The stability of our financing, but also the faith and confidence provided by our investors, creates a fertile basis for the organisation to continue our improvements and live up to our expectations.”

'After the transformation, the refinancing was the single missing part of the puzzle for Greenyard to again be able to fully focus on its ambitions to deepen its customer and grower relationships, continue to gain market share, and become a true sustainability leader in the sector,' added co-CEO Marc Zwaaneveld. 'We look forward to this new chapter with our new equity partners, our long-standing banking partners and Gigarant.”