EUR 46m

March 2021

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Amendment of existing financing facilities

  • Florensis is an innovative family business from Hendrik-Ido-Ambacht. The company has a proven track record worldwide as breeder and as supplier of starting material for professional growers. With 2,000 dedicated and highly skilled employees, Florensis produces over 1 billion young plants every year;
  • In August 2020 Avaxa was engaged by Florensis to assist in the amendment of its existing financing package, including Term Loans and a seasonal Revolving Credit Facility, provided by Rabobank;
  • In line with its improved credit profile, Florensis was seeking to increase operational and financial headroom under the existing financing going forward;
  • Avaxa assisted Florensis in financial modelling, compiling a Request for Amendments and supported in discussions and negotiations with Rabobank to come to an amendment of the financing documentation; and
  • In March 2021 the amendment was successfully closed, enabling substantially increasing operational and financial headroom and strongly improved commercial terms for Florensis as well as the inclusion of TLTRO discount on margins.