"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.


  • 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.



  • 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.


  • 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.
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