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Greenyard receives full bank refinancing and strengthens capital structure

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Sint-Katelijne-Waver, Belgium, 22 March 2021 — Before the end of the financial year (March 2021), as previously announced, Greenyard has received the support and commitment from its consortium of banks and a guarantee of the Flemish Government’s investment fund Gigarant for the refinancing of its outstanding debt, as well as a capital commitment from two private investors.

• The 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.

• The new financing covers the refinancing of the current bank debt, as well as the repayment of the €125m convertible bond. The latter will be repaid in December 2021 by drawing on a dedicated €125m line, subject to customary conditions precedent satisfaction.

• In addition, 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.

• The 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.

• Moreover, the new capital structure results in a Net Debt/adjusted EBITDA ratio of around 3.0x (pre-IFRS 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.

Hein Deprez, co-CEO: “We are excited to see Greenyard taking this important step towards the execution of its long-term growth ambitions. 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.”

Marc Zwaaneveld, co-CEO: “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. We look forward to this new chapter with our new equity partners, our long-standing banking partners and Gigarant.”

Marc Coucke, Founder and chairman of Alychlo NV: “Greenyard has shown great resilience, fighting spirit and entrepreneurship to become a healthy company again. On top of that, Greenyard is working in an attractive sector, fruit and vegetables, that is set to become even more important in the coming years as consumers increasingly look for healthy consumption products. We are looking forward to working together on the execution of the business plan and beyond.”

For additional information, please contact Greenyard NV:
Dennis Duinslaeger, Investor Relations
T +32 15 32 42 49

About Greenyard
Greenyard (Euronext Brussels: GREEN) is a global market leader of fresh, frozen and prepared fruit & vegetables, flowers and plants. Counting Europe’s leading retailers amongst its customer base, Greenyard provides efficient and sustainable solutions to customers and suppliers through best-in-class products, market leading innovation, operational excellence and outstanding service.

Our vision is to make lives healthier by helping people enjoy fruit and vegetables at any moment, easily, quickly and pleasurably, whilst fostering nature.

With around 9,000 employees operating in 23 countries worldwide, Greenyard identifies its people, and customer and supplier relationships, as the key assets which enable it to deliver goods and services worth around €4 billion per annum.