Corbion links sustainability performance to interest rate of its new EUR 300 million Revolving Credit Facility
Corbion today announces that it has signed a new five years syndicated Revolving Credit Facility ("RCF") with an interest rate that will, amongst others, depend on the company's year-on-year sustainability performance improvement.
Interest rate on the RCF is linked to sustainability indicators, measuring the performance of Corbion on a year-to-year basis.
The indicators are linked to Corbion's key sustainability initiatives from its Creating Sustainable Growth strategy: Responsible sourcing, Responsible operations and Sustainable ingredient solutions. Based on the progress on these indicators, a discount or premium may apply to the interest rate on the RCF.
"Sustainability is an integral part of Corbion's business operations. Aligning our sustainability ambitions and targets with the Revolving Credit Facility underlines this commitment of Corbion." comments Tjerk de Ruiter, CEO.
The new Revolving Credit Facility (RCF) replaces the company's existing RCF, providing liquidity for general corporate purposes. The facility has a five year initial termination date extending the maturity to [July] 2023, and provides two additional one-year extension options. The RCF is provided by an international syndicate of seven relationship banks.
More information on Corbion's sustainability and financial performance can be found in Corbion's Annual Report.