2024-07-19
http://w3.windfair.net/wind-energy/news/44778-prysmian-credit-facility-net-zero-emissions-supply-chain-sustainable-italy-extension-decarbonisation

News Release from Prysmian Group

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Prysmian Group: €1,000 million credit facility renewed

ESG KPIs include net zero emissions, gender diversity and sustainable supply chain

Image: Prysmian GroupImage: Prysmian Group

Prysmian Group, world leader in the energy and telecom cable systems industry, has signed the renewal of the €1,000 million long-term revolving credit facility sustainability-linked with a pool of leading Italian and international banks.

This significant five-year credit facility, which includes a 6- and 7-year extension option, will contribute to further improving the Group's financial structure by extending the average maturity of its financing, while retaining the flexibility that the instrument offers. The credit facility has been granted at optimised conditions, also in light of the investment-grade credit rating that Prysmian has been recently assigned by Standard & Poor’s.

In addition, with the aim of strengthening the integration of ESG factors into the Group’s strategy, Prysmian Group has chosen to include important environmental and social KPIs among the parameters that determine the financing conditions. The renewed revolving sustainability-linked credit facility is in fact also linked to the decarbonisation targets already defined by the Group (annual GHG emissions from 2023 to 2030), to the ratio of female white collars and executives hired versus total Group hires, and to the number of sustainability audits performed on the supply chain.

“This renewed credit facility further strengthens Prysmian Group's financial structure and highlights how the Group looks at sustainability as a true business driver. Prysmian is an important enabler in the ongoing Energy Transition, significantly contributing to the shift toward renewable power generation, which is key to decarbonization. At the same time, we have also decided to link this credit facility to important gender balance and people development targets, which are crucial pillars in our strategy. The outstanding terms of this revolving facility is a first significant recognition of our recently achieved investment grade rating” stated Pier Francesco Facchini, Chief Financial Officer, Prysmian Group.

“We are satisfied with the support received from the relationship banks that have renewed this credit facility, confirming their trust on the Group’s ability to create sustainable value with a positive impact on the community”, underlined Giovanni Zancan, Group Finance Senior Vice President, Prysmian Group.

The pool of banks that participated in the transaction included the bookrunners Banco BPM, BNP Paribas, Citibank, Crédit Agricole CIB, ING, Intesa Sanpaolo and Mediobanca. ING acted as Documentation Agent, Intesa Sanpaolo as ESG Advisor and Mediobanca as Facility Agent.

Source:
Prysmian Group
Author:
Press Office
Link:
www.prysmiangroup.com/...
Keywords:
Prysmian, credit facility, net zero emissions, supply chain, sustainable, Italy, extension, decarbonisation



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