Speciality bakery giant Aryzta has agreed a deal with the majority of its lenders to amend the covenant terms of its debt facilities and give the company increased headroom to deal with the uncertainty created by COVID-19.

On Monday, Aryzta announced it had received consent from its lenders to change the financial covenants on its €1.5bn of net debt. Under the new financial covenants, the company said the ceiling for its net debt to earnings (EBITDA) ratio has been revised upwards to a maximum level of 6 times, while its net interest ratio will be greater than 1 times.