Bank of China contributes to EUR 4 billion syndicated revolving credit facility to Saint-Gobain for debt refinancing purposes (linked to Record ID#101815)

Project narrative

On December 8, 2023, a syndicate of 31 banks -- including Agricultural Bank of China and Bank of China -- signed a EUR 4 billion backup syndicated revolving credit facility with a five-year maturity and an unknown interest rate with Saint-Gobain, a manufacturer of construction materials. The facility will refinance previous backup facilities of EUR 2.5 and 1.5 billion that were due to mature in December 2024. The facility is a sustainability-linked loan that is indexed to three performance indicators for Saint-Gobain: reduce Scope 1 and 2 CO2 emissions by 33%, reduce non-recovered production waste by 80%, and keep a frequency rate for workplace accidents below 1.5 per million of working hours. A total of 31 banks participated in the facility: Banco Santander, Bank of America, Barclays Bank, BBVA, BNP Paribas, Citibank, Crédit Agricole (CA-CIB & LCL), Crédit Industriel et Commercial, Deutsche Bank, HSBC, Intesa Sanpaolo, JP Morgan, Mizuho Bank, Natixis, Natwest, Société Générale and Standard Chartered Bank are Mandated Lead Arrangers and Bookrunners. Caixa Bank, Danske Bank, Goldman Sachs, ING, La Banque Postale, Morgan Stanley, Royal Bank of Canada, SMBC Bank and Unicredit are Mandated Lead Arrangers. Agricultural Bank of China, Bank of China, Commerzbank, First Abu Dhabi Bank and Landesbank Hessen Thüringen are Lead Arrangers. Crédit Agricole CIB is Facility Agent and acted as Documentation Agent and Coordinator of the Syndication. Société Générale acted as ESG Coordinator. ABC's contribution is captured via Record ID#101815. BOC's contribution is captured via Record ID#101816.