The Granarolo group (milk supply chain) has signed a 450 million euro sustainability-linked loan with a pool of financial institutions, intended to support the group’s strategic plan and its environmental, social and governance sustainability objectives.
The operation is coordinated by Intesa Sanpaolo (Imi Cib division), Bnl Bnp Paribas, Bper Corporate & Investment Banking and Unicredit, who acted as global coordinators. Also part of the pool are Banca Monte dei Paschi di Siena, Banca Sella, Banco Bpm, Cassa Depositi e Prestiti, Sparkasse-Cassa di Risparmio di Bolzano and Cooperatieve Rabobank. Intesa Sanpaolo also held the roles of sustainability coordinator and agent.
The financing structure
The 450 million are divided into two term loan credit lines (fixed term) and a revolving credit line (flexible). The financing is linked to the achievement of specific ESG objectives, with a rewarding mechanism linked to sustainability parameters.
From a legal point of view, Granarolo was assisted by the Legance Avvocati Associati firm, while the banks referred to the Gianni & Origoni firm.
Commenting on the operation is Stanislao Giuseppe Fabbrino, president of Granarolo spa, as reported in a note from the last few hours: “We will finance the Group’s sustainable strategic plan, working on operational efficiency and effectiveness and internationalisation, continuing the path that has already led the Group to develop over 41% of its turnover outside the country, valorising the best Made in Italy. We will put sustainability at the center of our commitment by promoting clean energy and water recovery in the factories. We have grown rapidly in Italy and abroad, now is the time to consolidate what has been done in terms of economic and environmental sustainability”.