Sustainability commitment reinforced
Vidrala has completed the novation of a significant part of its debt towards a sustainable financing structure. Valued at €260 million, financing consists of a term loan of €80 million and a revolving credit facility of €180 million, with maturities between 2023 and 2024 that include optional extensions up to 2025. Financing cost will be equivalent to adding an initial differential of 0.75% per annum to the Euribor reference rate, which may be reduced up to 0.585% if debt continues to fall and certain environmental improvement targets are met.
The financing, in a syndicated structure, has been possible thanks to the participation of nine leading credit entities with a consolidated commercial relationship with Vidrala. With this operation, the glass container production specialist continues to make progress on integrating sustainability into its corporate strategy, committing specific objectives of environmental improvement and linking part of the financial cost to its achievement. In this case, Vidrala will measure annually the emissions derived from the industrial process that may have a climate impact, mainly CO2, defining specific objectives to maintain its progressive reduction.