Greencore secures waiver to debt covenants

Irish convenience food company Greencore said on Thursday that is has secured a waiver to its debt covenants for outstanding notes.

The company had said in its interim results in May that it was in advanced stages of discussions with private placement holders in respect of a waiver of its net debt: EBITDA September 2020 and March 2021 leverage covenants and that it expected the talks to conclude in "the coming weeks".

Greencore said in its update in May that demand for its food-to-go categories was beginning to stabilise after a sharp decline due to the coronavirus outbreak, as it announced it was cancelling its final dividend.