EUR 37m

December 2021

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Amendment and increase of financing package

  • Plegt-Vos is a national construction company with its head office is in Hengelo, employing over 500 employees. The strength of Plegt-Vos lies in the development, realization and maintenance of real estate in the Netherlands. Plegt-Vos is an innovative construction company, as is evidenced by building the first robotised pre-fab housing factory in the Netherlands;
  • In May 2021, Avaxa was engaged by Plegt-Vos to assist in the amendment and increase of its existing financing package provided by a club of lenders;
  • The credit profile of Plegt-Vos had improved significantly since the facility was put in place. As a result, the existing terms & conditions of the financing package of Plegt-Vos no longer reflected its risk profile. Furthermore, Plegt-Vos experienced several covenants and permitteds as complicated to monitor as well as restraining to its business;
  • Based on a thorough credit rating analysis and by benchmarking the terms & conditions, Avaxa identified the improvement potential available. From there on a balanced request for amendments was compiled by Avaxa and proposed to the incumbent lenders to make the financing package more ‘borrower- friendly’;
  • Avaxa led, in close cooperation with Plegt-Vos, the discussions / negotiations with the incumbent lenders, weighing the operational and financial impact of the terms & conditions;
  • This ultimately led to the successful Amendment and increase of the financing package of Plegt-Vos, significantly reducing the complexity of the covenants and permitteds as well as increasing its operational and financial flexibility.