Assignment overview
- Analysis of the Group’s credit profile and the profitability of its banking pool
- Supporting the Group in the negotiation of its new General Corporate Purpose syndicated loan
Objectives
- Finalize, before December 2020, the refinancing of an RCF that matured in July 2021
- Increase the maximum amount from €300m to €400m to better reflect seasonal working capital requirements
- Integrate Corporate Social Responsibility KPIs (sustainability linked loan format)
Results
- RCF increased from €300m to €400m
- Maturity of 5 years + 2 months – bullet
- Indexation of the margin in line with the Group’s corporate social responsability objectives (B-Corp certification for the entire Group)
- Pool extended to new partners, both French and international, totaling 11 banks (nine banking groups)
Methodology
- Analyses based on a banking model developed by Redbridge and proven to estimate credit risk from the point of view of a bank lender
- Mapping of banks’ commitments and ancillary business in order to estimate their risk-adjusted profitability
- Compliance with the Bonduelle’s internal corporate social responsability objectives in order to define the most relevant criteria to be included in the facility
- Bilateral negotiation with each potential lender on the basis of a target term sheet
Redbridge’s added value
- Complete project management in collaboration with the finance department
- Tailor-made process and management of potential lenders
- Significant over-subscription
- Entry of new banks into the pool of lenders, especially foreign ones
- 100% success rate for committee agreements on the basis of the final negotiated term sheet
- Comprehensive consultation of banks on their CSR structuring proposals and analysis of the optimal solution
- Controlling the calendar by maintaining momentum despite the uncertain economic and financial backdrop