CB
Refinancing and expanding the financing package with significant operational and financial flexibility
- CB stands for 150 years of experience in logistics services and distributes physical books and e-books, in the shopping street and online in the Netherlands and Belgium. CB also offers logistics solutions for the Healthcare market. With more than 800 professionals CB contributes to the every day success of its customers;
- In honour of its 150th anniversary in 2021, His Majesty King Willem-Alexander has conferred CB the Royal predicate;
- Following a financing options analysis conducted by Avaxa in 2019-202, Avaxa was engaged by CB in December 2020 to assist in the refinancing of its existing facilities and in raising additional financing to facilitate the transformative CAPEX agenda, which was executed in parallel to the refinancing of CB Facturatie;
- Based on the investment agenda of CB and the associated financing need, Avaxa developed a preferred financing structure and go-to-market strategy, including a long list of potential lenders to invite. On the basis of this, the Executive Board and Supervisory Board decided to initiate the refinancing process and approach the financing markets;
- Furthermore, Avaxa assisted CB in financial modelling and by composing several documents (including a detailed Information Memorandum and Request for Proposal);
- The competitive financing raise process resulted in ample appetite and multiple Committed Term Sheets;
- Through tight process management, we managed to close the EUR 47m refinancing with ING Bank in July 2021, against very competitive terms and conditions, allowing CB to execute its transformative strategy;
- In particular the new financing package contains significant operational and financial flexibility as well as financial headroom; and
- Throughout the process we were in continuous dialogue with both the Executive Board and Supervisory Board of CB to keep them fully aligned to the process.
