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Corbion gets new €450 million loan with sustainability-linked rate
By Mary-Katherine Stinson
Lexington, Ky., July 15 – Corbion announced it replaced its existing revolver with a new five-year €450 million syndicated revolving credit facility with an interest rate that will depend on the company’s year-on-year sustainability performance improvement, according to a company press release.
The interest rate on the revolver is linked to sustainability indicators tied to Corbion’s key sustainability initiatives from its Advance 2025 strategy of “Preserving food and food production, health, and the planet.” This strategy is based on responsible sourcing, responsible operations and sustainable ingredient solutions.
Based on the progress on these indicators, a discount or premium may apply to the interest rate on the revolver.
“We are proud we outperformed on all the sustainability targets set out in the previous [revolving credit facility] 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,” chief executive officer Olivier Rigaud commented in a press release.
The new revolver replaces the company’s existing revolver, providing liquidity for general corporate purposes.
The facility has an initial five-year term, extending the maturity to July 2027, with two additional one-year extension options.
The interest margin grid remains unchanged compared to the previous revolving credit agreement.
The loan is provided by an international syndicate of six relationship banks.
Corbion is a food and biochemicals company based in Amsterdam.
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