01/10/2023 | Press release | Distributed by Public on 01/10/2023 01:59
The transaction, which is based on extra-financial criteria in line with its Sustainability-Linked Financing Framework[1] published in October 2022, was largely oversubscribed, and at attractive financial terms, demonstrating the confidence of lenders in Bel's financial and sustainable commitments.
Frédéric Médard, Bel's Chief Impact Officer in charge of Finance and CSR, says: "Despite the strong pressure on the SSD market, Bel has successfully completed a Sustainability-Linked Schuldshein loan to pursue its sustainable and profitable growth momentum in the future. Thanks to a large number of European and international investors, this transaction was largely oversubscribed (€200 million announced versus €315 million in the end), with an average maturity of over 5 years. This demonstrates the confidence of our financial partners in the solidity of our Group's financial structure and in its sustainable growth model, as well as the attractiveness of its development perspectives."
This operation comprises several tranches:
The loan will be used to cover the Group's general needs and to support its growth.
This transaction is fully in line with Bel's development model, which aims to combine financial performance with a positive impact on its ecosystem and the planet. This ambition echoes the Group's mission: to offer healthier and more sustainable food for all.
The Sutainability-Linked Schuldschein Loan is based on the achievement of three objectives for maturities over 3 years:
CMS advised the Borrower on French and German legal aspects.
The Group will report on the progress of its objectives in its annual report, which is examined by the auditors.