Corbion links sustainability performance to interest rate of its new € 450 million Revolving Credit Facility
July 15 2022 - 4:23AM
Corbion links sustainability performance to interest rate of its
new € 450 million Revolving Credit Facility
Corbion today announced that it has signed a new 5-year
syndicated Revolving Credit Facility (“RCF”) with an interest rate
that will, amongst others, depend on the company’s year-on-year
sustainability performance improvement.
The interest rate on the RCF is linked to sustainability
indicators, measuring the performance of Corbion on a year-on-year
basis. The indicators are linked to Corbion’s key sustainability
initiatives from its Advance 2025 strategy: Preserving food and
food production, health, and the planet. Based on the progress on
these indicators, a discount or premium may apply to the interest
rate on the RCF.
“We are proud we outperformed on all the sustainability targets
set out in the previous RCF which was signed in 2018. At Corbion we
preserve what matters and our continued effort to align our
sustainability ambitions and targets with this new Revolving Credit
Facility underlines this commitment," commented Olivier Rigaud,
CEO.
The new Revolving Credit Facility (RCF) replaces the company’s
existing RCF, providing liquidity for general corporate purposes
and giving Corbion flexibility to fund further business growth. The
facility has a 5-year initial termination date extending the
maturity to [July] 2027, and provides two additional 1-year
extension options. The interest margin grid remains unchanged
compared to the previous RCF. The RCF is provided by an
international syndicate of six relationship banks.
More information on Corbion’s sustainability and financial
performance can be found in Corbion's Annual
Report.
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