Viterra successfully closes syndicated Revolving Credit Facility which includes updated sustainability targets
18 May 2023, US: Viterra Limited, through its subsidiary Viterra Finance B.V., has successfully refinanced its cornerstone one-year senior unsecured sustainability-linked revolving credit facility in the aggregate amount of USD 4.110 million (“the Facility”). Furthermore, it extended its three-year USD 1.000 million facility with an additional year.
After a year characterised by price volatility, geo-political events, and macroeconomic challenges, Viterra’s network demonstrated its strength and resilience with a record performance, allowing it to further strengthen its ties with the international banking community.
The Facility was launched on 27 March 2023 in the proposed aggregate amount of USD 3.500 million, and after a well-attended bankers meeting held in Rotterdam, it quickly gained strong interest from Viterra’s relationship banks as well as a several new institutions, resulting in an oversubscription of more than 30 percent. The facility was subsequently increased to an aggregate amount of USD 4.110 million, with Viterra choosing to scale back lender commitments.
The transaction was signed and closed on 5 May 2023, with participation from 100 percent of all 2022 lenders, while gaining further support through the addition of five new financial institutions.
The Facility continues to be linked to Viterra’s sustainability targets, which include a further reduction of greenhouse gas emissions and energy use, increased traceable-to-origin soy sourced in South America and achieving safety targets. If Viterra meets these targets, it will reinvest its interest savings from the credit facilities into additional sustainability initiatives within the company.
The Facility was arranged by HSBC Continental Europe (Coordinator and Documentation Agent), Société Générale (Sustainability Coordinator), Crédit Agricole Corporate and Investment Bank, and Sumitomo Mitsui Banking Corporation, all of which acted as Active Bookrunners to support the syndication process of the transaction.
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