GrandVision has obtained an additional liquidity facility of €400 million as well as an amendment to its existing €1,200 million revolving credit facility (RCF), running to 2024, providing covenant relief for 2020.
The additional liquidity facility is provided by five banks and will be available in the event the RCF is fully drawn. The facility lasts one year with an additional year available at GrandVision’s discretion.
The company also reached an agreement with its creditor banks to amend the RCF, obtaining relief from the financial covenant tests in 2020. The next covenant test will be performed on amended terms at the end of the first quarter of 2021, with additional tests, also on amended terms, at the end of each quarter in 2021.
GrandVision says that the new covenants provide it with operational and financial flexibility in case of unexpected Covid-19 setbacks. It adds that it is ”pleased with the pro-active support” it has received from its creditor banks. GrandVision had a net debt position of €842 million as of May 31.