Schiphol - 22 June 2020. GrandVision N.V. (EURONEXT: GVNV) today announced that it has obtained an Additional Liquidity Facility of €400 million as well as an amendment to its existing 2019–2024 €1,200 million Revolving Credit Facility (RCF) providing covenant relief for 2020.
This Additional Liquidity Facility of €400 million, which is provided by five of GrandVision’s relationship banks, will be available in the event that the RCF is fully drawn. The term is one year with an additional year available at GrandVision's discretion.
In addition, and as a result of the active dialogue with its relationship banks, GrandVision has reached an agreement to amend the RCF, obtaining relief from the financial covenant tests in 2020. The next financial covenant test will be performed on amended terms at the end of Q1 2021, with an additional test on amended terms at the end of each quarter in 2021. The new covenants provide the banking group with sufficient comfort while at the same time giving GrandVision operational and financial flexibility in case of unexpected COVID-19 setbacks.
GrandVision is pleased with the pro-active support it has received from its banking group.
As disclosed in its Trading Update on 15 June, 2020, GrandVision has a net debt position of €842 million as of 31 May 2020.
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