"Thanks to Redbridge, we have reached all our objectives for this refinancing and most notably the integration of our group’s ESG commitment."

John Moran
Corporate Finance Director

Engagement overview

  • Refinancing of the group’s syndicated loan set up in 2014 and amended & extended in 2016
  • Integration of an ESG criterion

Objectives

  • Negotiate a 5-year full RCF refinancing plus two 1 year extension options
  • Integrate a greenhouse gas emission reduction pathway
  • Optimize the financing terms and provide more flexibility to the documentation

 

Results

  • Sustainable Linked Loan (SLL) of €1.1bn (vs. €900m), incorporating an environmental performance indicator
  • Improvement of the margin grid
  • Removal of a covenant, renegotiation of certain limitations, removal of the dividend clause

Methodology

  • Launching two processes in parallel :
  • Process 1: ESG KPI
  • Process 2: Refinancing of the syndicated loan on the basis of a detailed term sheet
  • Bilateral discussions/negotiations with all potential lenders

Value added by Redbridge

  • Maintaining healthy competition between lenders until signing
  • Ensuring that a tight timetable is met
  • Terms & Conditions: Multi-round negotiations to obtain the desired progress from lenders (even from the least supportive banks)
  • Negotiating more flexible documentation
Data for Stronger Banking Relationships

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