750 million syndicated loans maturing in October 2024, in order to integrate environmental, social, and governance (ESG) criteria. Measurable elements of the non-financial performance of Wendel and its portfolio companies will now be taken into account in the calculation of the cost of financing of this syndicated loan. They are aligned with certain quantitative ESG objectives that the Group has set in its ESG 2023 roadmap.
“The integration of ESG criteria into our credit line demonstrates our commitment to aligning financial and extra-financial performance, a pillar of sustainable value creation for all our stakeholders. With the help of our eight banking partners, we wanted to mark the integration of the extra-financial performance of Wendel and the Group’s companies through representative and measurable criteria,” said Jérôme Michiels, Executive Vice President, and Chief Financial Officer.
If you want to find more details about the company Wendell and its plans to include ESG criteria into the financial terms of its undrawn criteria, download for free the Born2Invest mobile app. Our companion app brings you the most important business headlines from the most trusted sources around the world.
The three extra-financial criteria selected for inclusion in the calculation of the cost of financing of the syndicated loan are as follows:
The systematic performance of ESG due diligence for new investments made directly by Wendel and the implementation of an ESG roadmap by the controlled companies in its portfolio;
The evaluation and implementation of action plans on climate risk and carbon footprint at the level of controlled portfolio companies;
The achievement by the end of 2023 of a minimum total percentage of 30% of women among the directors appointed by Wendel within the portfolio companies and certain Group holding companies.
These criteria will be assessed annually by an independent third party and will result in adjustments to the margin of the syndicated loan.
This transaction is fully in line with Wendel’s ESG strategy, communicated in the first quarter of 2020, in particular an ambitious roadmap to 2023 for Wendel and its companies based on a dual objective: to position Wendel as a leader in sustainable development among its peers, and to drive a process of excellence and exemplarity for its portfolio companies. Wendel is the only French company in the Diversified Financials sector to be included in the DJSI World and Europe benchmark indexes, alongside the best-performing companies in terms of sustainable development worldwide.
(Featured image by nattanan23 via Pixabay)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in BOURSE DIRECT, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Deutsche Bank Acquires Berlin-based Fintech Company Better Payment
Deutsche Bank has acquired the Berlin-based payment fintech company "Better Payment". Through the full acquisition, the Frankfurt-based bank not only...
Frontwave Opens its Capital to Femu Ventures to Initiate Human Trials
The clinical trials will initially be carried out at the Vall d'Hebron Hospital in Barcelona and will be coordinated by...
Oil Continues to Rise as Supply Disruptions Continue
Evergrande and the looming debt limit fight are the topics of the week. Apparently Evergrande didn’t make the payment triggering...
Modern Monetary Theory Has no Place for Supply and Demand Fundamentals
All big market declines in the Dow Jones occurred with all-time highs in Dow Jones trading volume. A complete inversion...
Cosmos Price Forecast After ATOM Shoots Into Top 20
Cosmos price is recovering due to the general demand for altcoins. In fact, a closer look at CoinMarketCap shows that...
Cannabis2 weeks ago
Are Cannabis Social Clubs in Barcelona on the Verge of Closure
Featured2 weeks ago
Should You be Looking for Reasons to Sell the Stock Market
Africa2 weeks ago
Energy Efficiency: the Moroccan Ministry of Housing Gets up to Standards
Crypto2 weeks ago
Coinbase Pro Accidentally Relists the Troubled XRP