Electrolux signed an agreement for an inaugural sustainability linked revolving credit facility. The facility is for general corporate purposes and has a five-year maturity, with options to extend for up to two more years. The new facility refinances an existing €1 billion ($1.12 billion) syndicated facility due to mature in May 2023. The facility was oversubscribed during syndication, allowing Electrolux to upsize from the initial launch amount of €900 million ($1.01 billion) to €1 billion ($1.12 billion).
The coordinating bookrunners and mandated lead arrangers for the facility are Citi and SEB. In addition, Danske Bank, Deutsche Bank and HSBC joined as bookrunners and mandated lead arrangers, while Banco Bradesco, BNP Paribas, J.P. Morgan, Morgan Stanley, Svenska Handelsbanken and Swedbank joined as mandated lead arrangers. Citi was the documentation agent for the facility, SEB was the sustainability coordinator and Danske Bank was the facility agent.
“We welcome the support offered by this credit facility. It reflects our commitment to continue to be an industry leader in sustainability and is a confirmation of our sustainability credentials,” Vanessa Butani, vice president of sustainability at Electrolux, said.
The credit facility is linked to Electrolux’s “For the Better 2030” sustainability framework, as its margin is related to the company’s ambition to be climate neutral in operations by 2030.
“It is a sign of Electrolux financial strength and credibility that we are able to achieve such a facility in today’s economic climate,” Martin Bendixen, treasurer at Electrolux, said.
