Edenred reworks credit facility to add ESG pricing criteria

By Marisa Wong

Los Angeles, Feb. 13 – Edenred announced it renegotiated its syndicated credit facility, increasing it to €750 million from €700 million, extending its maturity to February 2025 from July 2023 – with extension options to February 2027 – and improving the financial conditions.

Edenred decided to introduce environmental and social performance criteria into the calculation of the financing costs, according to a press release.

Specifically, Edenred has decided to index the financial conditions attached to one of its financing instruments to environmental and social performance indicators, taken from the quantitative sustainable development targets set by the group for 2022 and 2030.

The two non-financial criteria to be introduced into the calculation of the syndicated credit facility’s financing costs relate to promoting healthy and sustainable eating habits and combating global warming.

Edenred said it aims raise the nutrition awareness rate among merchants and employees to 85% by 2030, up from 30% in 2018, and is targeting a 52% cut in greenhouse gas emissions intensity by 2030, compared with 2013, up from a 26% reduction as of 2018.

The transaction was arranged by Credit Agricole CIB acting as coordinator and sustainability coordinator.

Edenred is a prepaid corporate services company based in Paris.

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