France’s Saint-Gobain signs €4 billion backup revolver due 2028

By William Gullotti

Buffalo, N.Y., Dec. 8 – Saint-Gobain signed a €4 billion backup revolving credit facility maturing in December 2028 with Credit Agricole CIB as facility agent, according to a press release on Friday.

The sustainability-linked loan refinances two other backup facilities that were due to mature in December 2024, one totaling €2.5 billion and the other totaling €1.5 billion.

The new revolver also includes two one-year extension options.

The margin for the sustainability-linked facility is indexed to three performance indicators of the company’s sustainability roadmap:

• Reduce the absolute Scope 1 and 2 CO2 emissions by 33%;

•Achieve an 80% reduction of non-recovered production waste; and

• Keep a frequency rate for workplace accidents at or below 1.5 per million of working hours.

The indicators reflect Saint-Gobain’s 2030 targets in relation to 2017 as the base year.

The facility was significantly oversubscribed, with bank commitments exceeding €5 billion.

Banco Santander, Bank of America, Barclays Bank, BBVA, BNP Paribas, Citibank, Credit Agricole (CA-CIB & LCL), Credit Industriel et Commercial, Deutsche Bank, HSBC, Intesa Sanpaolo, JP Morgan, Mizuho Bank, Natixis, Natwest, Societe Generale and Standard Chartered Bank are mandated lead arrangers and bookrunners, with Caixa Bank, Danske Bank, Goldman Sachs, ING, La Banque Postale, Morgan Stanley, Royal Bank of Canada, SMBC Bank and Unicredit serving only as mandated lead arrangers.

Agricultural Bank of China, Bank of China, Commerzbank, First Abu Dhabi Bank and Landesbank Hessen Thüringen are lead arrangers.

Credit Agricole CIB also acted as documentation agent and syndication coordinator. Societe Generale also acted as ESG coordinator.

France’s Saint-Gobain designs, manufactures and distributes materials and services for the construction and industrial markets.

© 2015 Prospect News.
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