Prysmian Group Signed €1.2 billion Sustainability-Linked Term Loan
Prysmian Group, the global market leader in the energy and telecommunications cable systems business, has signed a €1.2 billion medium-term sustainability-linked loan with a consortium of top Italian and international banks. The principal purpose of the financing is to refinance the €1 billion medium-term loan received in 2018.
To strengthen the financial structure and integrate ESG elements into the Group's strategy, Prysmian Group has added key environmental and social KPIs as one of the loan conditions' determining factors.
The Sustainability-Linked Term loan is also linked to the decarbonisation targets already defined by the Group (annual GHG emissions from 2022 to 2026), to the ratio of female white collars and executives hired to total Group hires, and to sustainability audits performed in the supply chain.
Chief Financial Officer Pier Francesco Facchini said: "I am very proud of this transaction that strengthens Prysmian Group's financial structure and confirms the commitment and discipline regarding the pursuit of ESG objectives such as the reduction of emissions, gender balance and supply chain sustainability—commitments made through our Climate and Social Ambition."
Giovanni Zancan, Prysmian Group Finance SVP, said: "The participation of the main relationship banks in this loan is a reason for great satisfaction and confirms the credit system's confidence in the Group's performance and in its ability to create sustainable value."
The banks that participated in the transaction were Banco BPM, BNP Paribas, Crédit Agricole CIB, ING, Intesa Sanpaolo, and Mediobanca as bookrunners. Credit Agricole CIB was the ESG Coordinator and Documentation Agent, while Intesa Sanpaolo was the Facility Agent.
Source: Market Screener