Headline

SPIE announces the closing of the Sustainability-linked refinancing of its €1.2bn syndicated loan

Published on 28 October 2022
  • ESG KPIs outlined
  • Interest rate swap implemented

Cergy, October 28th, 2022 - SPIE, the independent European leader in multi-technical services in the areas of energy and communications, announces that it has completed the sustainability-linked refinancing of its €1.2bn syndicated loan, previously announced on July 26th, 2022.

The syndication of our new loan was a strong success, evidencing the high confidence of our core banks in our business model and strategy. 

At closing of this refinancing the Group has set up an interest rate swap on its Term Loan. With this swap, more than 85% of the drawn Group’s debt is at fixed rate or hedged. 

The sustainability-linked margin incentive mechanism is based on four ESG KPIs as set forth in our 2025 ESG targets:

  • Direct GHG emissions (scope 1 & 2 in tons of CO2 equivalent): decrease by 25% by 2025 vs. 2019
  • Suppliers’ GHG emissions (share of purchases in terms of GHG emissions from suppliers with carbon reduction science-based targets): 67% in 2025 vs. 17% in 2021
  • Green share of revenue (revenue aligned with the E.U. Taxonomy climate mitigation criteria, as a share of total revenue): 50% in 2025 vs. 42% in 2021
  • Gender diversity (share of women in key management positions): increase by +25% by 2025 vs. 2020

At this occasion SPIE also completed a Sustainability-Linked Financing Framework in order to embed its ESG strategy and commitments in its future refinancing. This Framework was independently assessed by Moody's ESG Solutions and received a Robust rating demonstrating the ambition of SPIE’s ESG KPIs.

This refinancing was coordinated by BNP Paribas and Société Générale (acting together as Global Coordinators and Documentation Agents) and concluded with Crédit Agricole CIB and Natixis (acting as ESG Coordinators), BNP Paribas, Commerzbank, Crédit Agricole CIB, CIC, ING Bank, Natixis, Société Générale (acting as Mandated Lead Arrangers & Bookrunners), Raiffeisen Bank International, KBC Bank NV, Belfius     Banque SA, La Banque Postale, BRED Banque Populaire (acting as Mandated Lead Arrangers) Banco de Sabadell, DZ Bank, Arkea (acting as Lead Arrangers) and BNP Paribas (acting as Agent).

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