Limit increases till €300 million and extends the maturity by two years
15 November 2021. Cementos Molins has signed today a novation of its sustainable syndicated financing for the Group and affiliates in Spain, which was formalised in 2019. This novation, which continues to be classified as a "sustainability linked loan", extends the maturity by two years, until December 2026, and now has a limit up to €300 million, divided between a term loan of €75 million and a revolving credit facility of €225 million. The rest of the terms and conditions remain unchanged.
The financing, which was the first sustainable syndicated financing of a cement company in Spain, continues to be linked to sustainability targets, more specifically to the reduction of CO2 emissions, one of the drivers of the company's sustainability roadmap.
The novation, signed by all the financing entities of the original syndicated sustainable financing, involves CaixaBank, acting as agent, sole bookrunner and mandate lead arranger, Banco Sabadell, BBVA, and Banco Santander, acting as mandate lead arrangers, and HSBC and Banca Intesa Sanpaolo, acting as participants; this last entity is participating for the first time in the syndicated financing.
Cementos Molins has a robust financial position with net financial debt as of September 30th 2021, amounting to a net cash balance of €11 million. Jorge Bonnin, CFO of Cementos Molins, comments about the relevancy of the sustainable syndicated financing novation: “This novation, together with the robust financial position and the strong cash generation, enables the development of the profitable and sustainable growth strategy through markets consolidation and development in new markets”.
Cuatrecasas has acted as legal advisor to Cementos Molins, and Clifford Chance to the financing entities. Likewise, Sustainalytics has issued an independent opinion on the sustainability credentials.