Crédit Agricole acted as senior mandated lead arranger for a new $3.25 billion syndicated credit agreement under its sustainability-linked financing framework for CEMEX, a Mexico-based building materials company. Crédit Agricole also executed its inaugural sustainability-linked cross-currency swap (EURUSD) in the Americas.
The new credit agreement is the first debt offering under CEMEX’s vision of a carbon-neutral economy, as well as its first facility under investment grade-like terms and conditions. CEMEX, a manufacturer and distributor of cement, ready-mix concrete and aggregates, operates in more than 50 countries across five continents.
Crédit Agricole also participated in the execution of a cross-currency swap using the indicators and objectives described in the framework used for the facility, which benefited from a second party opinion from Sustainalytics. This swap represents the bank’s inaugural sustainability-linked swap in the Americas, and is the first long-dated EURUSD cross currency swap with CEMEX.
“We are proud to support CEMEX’s leadership and dedication to sustainability through their ground-breaking first ever sustainability-linked derivative in the Americas. CEMEX is a thought leader in the sustainable financing market, pioneering ambitious transactions,” Romina Reversi, head of sustainable banking for the Americas at Crédit Agricole, said.
This is the second transaction in which Crédit Agricole worked with CEMEX during 2021. Back in January, the bank also acted as joint bookrunner on CEMEX’s pricing of $1.75 billion of senior secured notes due 2031.
