Global law firm White & Case LLP has advised Symrise AG on a €500 million syndicated sustainability-linked financing.
The revolving credit facility contains a specific sustainability-linked component, has a term of three years and was arranged by Symrise. Due to the possibility of drawing loans in US dollars or sterling, among other currencies, the current arrangements to replace LIBOR with risk-free reference rates were included.
The loan is tailored to Symrise's sustainability targets and compliance or non-compliance with defined KPIs results in an adjustment of the margin. Such adjustments will be donated by Symrise to a charity. The indicators include the eco-efficiency of greenhouse gas emissions, the expansion of sustainable procurement processes for biological raw materials, and increasing the efficiency of water consumption in arid regions where Symrise holds operating facilities.
The sustainability-linked revolving credit facility has been provided by a consortium of 11 financial institutions, with UniCredit acting as Documentation Agent and Joint Coordinator, Commerzbank as Joint Coordinator, Rabobank as Sole Sustainability Coordinator, LBBW as Agent, and Commerzbank, UniCredit, Rabobank, LBBW, Banco Santander, BNP Paribas, Deutsche Bank, Landesbank Hessen-Thuringen Girozentrale, Societe Generale, Standard Chartered and The Bank of Tokyo-Mitsubishi UFJ Limited as Bookrunners and Mandated Lead Arrangers.
Symrise is a leading global supplier of fragrances, flavors, cosmetic ingredients and functional ingredients and is listed on the MDAX.
The White & Case team in Frankfurt which advised on the transaction included counsel Sascha H. Schmidt, partner Karsten Wöckener and associate Merve Sismangil.
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