Elis, an international multi-service provider offering textile, hygiene and facility services solutions in Europe and Latin America, signed a €900 million ($1.04 billion) syndicated revolving credit facility with a group of 13 core relationship banks. BNP Paribas structured the facility as sustainability coordinator, while Credit Agricole and HSBC Continental Europe served as documentation agents and coordinators.

This new facility, which has a term of five years plus two one-year extension options, replaces the existing €500 million ($579 million) and €400 million ($463 million) revolving credit facilities Elis signed in January and November 2017. This refinancing will allow the company to further secure and extend its liquidity profile and to reduce its annual financial charge by €1.5 million ($1.7 million) thanks to more competitive pricing on commitment fees compared with the existing facilities.

The facility includes an adjustment mechanism that links its cost to the achievement of annual targets for two selected sustainability KPIs:

• Water consumption: Achieve a 30% reduction per kilogram of linen delivered over the period 2018 to 2030
• Gender diversity: Increase the proportion of women in executive and management positions to 42% by 2030 (34% in 2020).

“By linking this new facility to our sustainability performance on such core environmental and social KPIs, we demonstrate the integrated approach of our business and CSR strategy, which is fully embedded into our operational model and financial policy,” Xavier Martiré, CEO of Elis, said. “This refinancing further strengthens the group’s already very solid liquidity and credit profile, as underscored by the upgrade from S&P to BB+, announced on Oct. 27.”