Jan Zandbergen
Amendment of existing financing facilities
- Jan Zandbergen Group is a family-owned leader in sourcing and innovating a wide range of meat and meat substitutes for the European market;
- In February 2020 Avaxa was engaged by Jan Zandbergen to assist in the amendment of its existing financing package, including amongst others an Asset Based Facility, Term Loans and a Revolving Credit Facility, provided by Rabobank and Deutsche Bank;
- In line with its entrepreneurial spirit, Jan Zandbergen was seeking to increase operational and financial headroom under the existing financing going forward;
- In March 2020, as a consequence of the COVID-19 outbreak, in addition to the desired amendments, a reset of financial covenants was necessary and also requested;
- Avaxa assisted Jan Zandbergen in revising its financial forecasts and developing several (COVID-19 related) sensitivity scenarios;
- Also, Avaxa compiled a Request for Amendments that was put forward to the lenders and supported in discussions and negotiations with the incumbent lenders to come to an amendment of the financing documentation; and
- In September 2020 the amendment was successfully closed, enabling a covenant reset and substantially increasing operational and financial headroom for Jan Zandbergen Group throughout the remaining tenor of the financing facilities.
