Ferrovie dello Stato Italiane S.p.A. (FS Group) with a syndicate of nine banks and financial institutions signed a new committed and revolving credit facility, for a total amount of up to 3.5 billion euros, with a three-year term.
The credit line, signed by FS with Banca Popolare di Sondrio, BNL-BNP Paribas, BPER, CaixaBank, Cassa Depositi e Prestiti, Crédit Agricole CIB, ING, Intesa Sanpaolo – Divisione IMI/CIB and UniCredit, is a Sustainability Linked product, thanks to the contractual provision of mechanisms for revising the margin and commitment fee upon the achievement of targets related to three Key Performance Indicators (KPIs) testifying the FS Group’s strong commitment to ESG issues.
The largest financial transaction ever by FS
To date, this facility agreement represents the largest financial transaction ever signed by Ferrovie dello Stato Italiane S.p.A. in terms of size.
The KPIs relate to (i) the percentage of capex aligned with the EU taxonomy; (ii) energy intensity set out as the ratio of energy consumption to the FS Group’s operating revenues; and (iii) the increase in the percentage of female employees compared to the total number of employees.
Last March a competitive selection process among banks was launched, aimed at obtaining by the first half of 2024 from the market, a new committed line with a wider availability than the existing one, to better meet the liquidity needs of the FS Group.
The size achieved and the number of counterparties involved are testament to the interest by the market and the success of this transaction.
BNP Paribas, BPER, CaixaBank, Cassa Depositi e Prestiti, Crédit Agricole CIB, Intesa Sanpaolo – Divisione IMI/CIB, and UniCredit acted as underwriters & mandated lead arrangers. Banca Popolare di Sondrio and ING acted as co-lead managers; the role of Agent Bank was assigned to Intesa Sanpaolo. BNP Paribas, Crédit Agricole CIB, Intesa Sanpaolo – Divisione IMI/CIB and UniCredit also acted as Sustainability Coordinators.
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