This operation is consistent with Keolis' CSR strategy, which includes a margin adjustment mechanism linked to achieving annual targets related to the environment, diversity and health & safety.
This refinancing solution reinforces the liquidity profile of the Keolis Group and extends the average maturity of its debt under competitive financial conditions.
Keolis sets up a €600 million syndicated loan indexed to sustainable development indicators
Signed on 21 December 2021 with a group of 14 partner banks, this largely oversubscribed financing solution corresponds to a €600 million loan with a maturity of five years, aimed at refinancing existing credit lines.
« By indexing the cost of this syndicated loan to Keolis' sustainable development objectives, this operation places our CSR ambitions at the centre of our financing strategy. In addition, this credit line allows Keolis to strengthen its financing structure by extending the maturity of its debt under competitive conditions. The success of this operation, illustrated by a high level of oversubscription, testifies to our banking partners' confidence in the Keolis Group's credit profile and in the quality of its development model.»
Christelle Villadary, Chief Financial and Legal Officer of the Keolis Group
Initial financing indexed to four CSR indicators
Keolis is innovating by linking this financing to the sustainable development criteria at the heart of the Keolis Group's CSR strategy.
This new credit line includes a margin indexation mechanism based on achieving annual targets in:
gender equality, with a commitment to increase the proportion of women in Keolis' overall workforce.
the environment, with two target indicators, one indexed to the proportion of employees present in subsidiaries covered by ISO 140011 Environmental Management System (EMS) certification, and the other, from 2023, based on the Keolis Group's commitments to reducing greenhouse gas (GHG) emissions. These indicators reflect Keolis' positive contribution to current environmental challenges including climate change, improving energy efficiency and protecting resources (water, soil, commodities, biodiversity).
health and safety, through a target to increase the proportion of employees covered by a safety management standard accreditation (ISO 45001 or 390012)with a particular focus on the development of internal safety culture training and measures to prevent accidents at work, such as those related to musculoskeletal issues, falls or traffic accidents.
By linking this syndicated loan to specific, ambitious CSR objectives, this operation makes it possible to deliver on the Keolis Group's commitments in terms of sustainable development, in line with its corporate purpose to "enhance everyday life in cities and communities by imagining and operating safe, smart and sustainable mobility solutions accessible to each and everyone".
This operation also enables the Keolis Group to extend the average maturity of its debt and to maintain robust liquidity at optimal conditions in line with its strategic roadmap.
Keolis was advised by the law firm White & Case LLP in Paris.
This new credit line has been subscribed by:
BNP Paribas, BRED, Caisse Régionale de Crédit Agricole Mutuel de Paris et d'Ile-de-France, Crédit Agricole CIB, CIC, ING, Natixis and Société Générale as mandated lead arrangers and bookrunners.
Bayerische Landesbank, CaixaBank, HSBC Continental Europe, KBC, La Banque Postale and SMBC as mandated lead arrangers.
The operation was structured by BNP Paribas (Sustainable Development Coordinator), Natixis (Coordinator and Documentation Agent) and Crédit Agricole CIB (Agent).
The banks were advised by Latham & Watkins LLP.