Brief: Greenyard Realises Full Bank Refinancing

Greenyard NV

22/03/2021 06:58

March 22 (Reuters) - Greenyard NV  GREENY.BR :
    * REALISES FULL BANK REFINANCING AND STRENGTHENS CAPITAL
STRUCTURE
BY € 50M EQUITY
    * NEW € 467,5M FINANCING AGREEMENT IS COMMITTED FOR A TENOR
OF
THREE YEARS, WITH A ONE-YEAR EXTENSION OPTION, AT MARKET
STANDARD CONDITIONS, RESULTING IN A STABLE FINANCING STRUCTURE
FOR THE COMING YEARS
    * NEW FINANCING COVERS REFINANCING OF CURRENT BANK DEBT, AND
REPAYMENT OF € 125M CONVERTIBLE BOND; LATTER WILL BE REPAID IN
DEC 2021 BY DRAWING ON DEDICATED € 125M LINE
    * ALYCHLO NV (AN INVESTMENT COMPANY CONTROLLED BY MR MARC
COUCKE),
AS WELL AS EXISTING SHAREHOLDER, MR JORIS IDE, HAVE COMMITTED TO
PARTICIPATE IN A € 50M RESERVED CAPITAL INCREASE
    * NEW BANK FINANCING, IN COMBINATION WITH THE EQUITY
CONTRIBUTION,
PROVIDE FOR A STABLE FOUNDATION FOR THE EXECUTION OF THE
LONG-TERM AMBITIONS AS INDICATED IN GREENYARD’S ANNOUNCEMENT OF
25 FEBRUARY
    * NEW CAPITAL STRUCTURE RESULTS IN A NET DEBT/ADJUSTED
EBITDA
RATIO OF AROUND 3,0X (PREIFRS 16) BY THE END OF THE FINANCIAL
YEAR (MARCH 2021), VERSUS THE EARLIER GUIDANCE OF 3,5X
    * MR MARC COUCKE WILL BECOME A MEMBER OF THE BOARD OF
DIRECTORS

Source text for Eikon:  ID:nNDL1NQDCG 
Further company coverage:  GREENY.BR 

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