Corbion links sustainability performance to interest rate of its new € 450 million Revolving Credit FacilitySource: OMX
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.