Vidrala extends its business commitment to sustainability betting on a financing structure linked to environmental performance
Llodio, June 21, 2019
Vidrala completed today the novation of a significant part of its debt towards a sustainable financing structure. For the amount of EUR 260 million, the financing consists of a term loan of EUR 80 million and a revolving credit facility of EUR 180 million, with maturities between the year 2023 and 2024 that include optional extensions up to the year 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 credit entities of recognized prestige and consolidated commercial relationship with Vidrala. In this regard, Vidrala would like to thank the support and work of Banco Santander, BBVA, Caixabank, Rabobank, HSBC, Barclays, BNP Paribas, Bankinter and Banca March.
With this operation, Vidrala continues to make progress in 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.
This fact confirms the firm purpose of Vidrala to optimize the environmental impact of its processes and products. Glass is a unique material, with incomparable environmental characteristics, 100% recyclable, an unlimited number of times, in an infinite cycle. It is also the healthiest packaging material, as it guarantees the best conditions for the preservation of the products inside. Vidrala is firmly involved in encouraging the use of raw materials of recycled origin, supporting progress in favor of sustainable packaging and against the use of plastic that is developing in the consciences of consumers and to which they are committing an increasing number of consumer brands throughout the world.
Vidrala is a consumer packaging company. We make glass containers for food and beverages products and offer a wide range of packaging services that include logistic solutions and beverages filling activities. Our industrial knowledge, growing geographical presence, glass manufacturing expertise, level of service and understanding of customers’ processes make us a business partner for many of the main food and beverages brands. Our products and our services contribute to maintain our customers’ reputation and values and play a role in their strategies, helping to develop their consumers’ brand experiences.