Carrefour’s €3.9 Billion Implementation Of CSR-Linked Credit Transaction

Clifford Chance advised Carrefour on the implementation of its first CSR-linked credit transaction.

Carrefour has successfully amended and extended two credit facilities for a total amount of €3.9 billion.

The revolving credit facility (“Club deal”) has been completed with a syndicate of 8 banks for an amount of €1.4 billion. The second revolving credit facility (“Syndicated”) has been negotiated with a syndicate of 21 banks for an amount of €2.5 billion. Both facilities will mature in June 2024 and can each be extended twice for one-year periods at Carrefour’s request.

As part of these credit facilities, an investment structure dedicated to the food transition has been put in place by Carrefour. This structure will be systematically funded by Carrefour and the banks, depending on the evolution of Carrefour’s “CSR and food transition” index.

These two operations are part of Carrefour’s strategy to secure its long-term financing sources, extending average maturity of these facilities from 3.1 years to 5 years.

Clifford Chance advised Carrefour with a team made up of Cédric Burford (Picture), partner, Sophie Guilhem-Ducléon, counsel, and Jessica Hadid, associate.

Involved fees earner: Cédric Burford – Clifford Chance; Sophie Guilhem-Ducléon – Clifford Chance; Jessica Hadid – Herbert Smith Freehills;

Law Firms: Clifford Chance; Herbert Smith Freehills;

Clients: Carrefour;