AAK signed a €400 million ($477 million) sustainability-linked revolving credit facility, renewing an undrawn €400 million credit facility signed in 2014 and amended in 2018. Citi, Danske Bank, Mizuho Bank, Nykredit Bank and SEB are mandated lead arrangers for the revolving credit facility, with Danske Bank acting as sustainability coordinator.
The renewed facility will be closely linked to a number of AAK’s sustainability targets, including the company’s commitment to a 100% deforestation- and conversion-free palm supply chain by 2025.
“The sustainability-linked facility is completely in line with our corporate purpose, making better happen, as well as our three focus areas within sustainability: better sourcing, better operations and better solutions,” Tomas Bergendahl, CFO of AAK, said. “It also clearly emphasizes the financial community’s support for our sustainability agenda.”
The five-year facility has two one-year extension options and will serve as a facility for general corporate purposes.