Greenyard

, the fruit and vegetable specialist, reports having obtained the support of its banks and the guarantee of the Flemish government for refinancing its debt.

The new agreement covers an amount of 467.5 million euros spread over three years with an option of one year extension. It was concluded under standard market conditions. The agreement also encompasses convertible bond of 125 million euros which will be reimbursed in December 2021.

In addition, Alychlo, the investment company of Marc Coucke, as well as the shareholder Joris Ide, have undertaken to participate in a increase in capital to the height of 50 million euros, including 48.5 million for Alychlo alone.

It will be carried out through a private placement of new shares at the unit price of 7 euros, which represents a premium of 6.5% over the closing price on March 19. At the end of the operation, Alychlo will hold 13.4% of the capital of Greenyard. Marc Coucke will sit on the board of directors.

Thanks to this operation, Greenyard believes that it will be able to accelerate its deleveraging around a level of three times ebitda at the end of its financial year which ends this month, against an earlier guidance of 3.5.

“The new bank financing, in combination with the capital increase brings a stable foundation for the execution of ambitions long-term as described in the press release of February 25 “, underlines Greenyard