Leonardo’s €2.4 Billion ESG-Linked Credit Facility

Linklaters has advised the syndicate of banks involved in the facility.

Leonardo, Italy’s major global high-tech company and one of the key actors in the Aerospace, Defence and Security sectors worldwide, has signed a new revolving credit facility, the first to be ESG-linked, with a pool of international and national banks. The ESG-linked revolving credit facility (“ESG-RCF”), signed for € 2.4 billion, is divided into a tranche of € 1.8 billion with a maturity of 5 years and a tranche of € 600 million with a maturity of 3 years.

The ESG-RCF replaces two existing revolving credit facilities, reducing the overall cost of funding available for the Group’s financial needs and extending the maturity until 2026.

The ESG-RCF is linked to specific ESG indicators, including the reduction of CO2 emissions through the eco-efficiency of industrial processes and the promotion of the employment of women with degrees in STEM disciplines.

Linklaters has advised the syndicate of banks that acted respectively as Mandated Lead Arrangers and Bookrunners – Banco BPM S.p.A.; BNP Paribas (BNL Lender); BPER Banca S.p.A.; Credit Agricole Corporate and Investment Bank, Milan Branch; Intesa Sanpaolo S.p.A.; SMBC Bank EU AG Milan Branch; Société Générale, Milan Branch; UniCredit S.p.A, Lead Arrangers – Banca Monte dei Paschi di Siena S.p.A.; Barclays Bank Ireland PLC; Bank of America Europe DAC; Commerzbank Aktiengesellschaft Milan Branch; Deutsche Bank Luxembourg SA; HSBC Continental Europe; MUFG Bank, Ltd. – Milan Branch; Banco Santander, and Co-Arrangers – BBVA S.A., Milan Branch; Banca Popolare di Sondrio – Società Cooperativa per Azioni; Citibank N.A., London Branch; Mediobanca – Banca di Credito Finanziario S.p.A.; Bank of China Limited Milan Branch; Crédit Industiel et Commercial; National Westminster Bank Plc; Natixis S.A., Milan Branch; JP Morgan AG; Banca Passadore & C.

The Linklaters’ team was led by counsel Alessandra Ortelli (Picture), assisted by associate Sara Giugiario for the banking aspects and by counsel Fabio Balza and managing associate Eugenia Severino for the tax aspects.

Involved fees earner: Fabio Balza – Linklaters; Sara Giugiario – Linklaters; Alessandra Ortelli – Linklaters; Eugenia Severino – Linklaters;

Law Firms: Linklaters;

Clients: Banca Passadore & C.; Banca Popolare di Sondrio; Banco BPM S.p.A.; Banco Santander Sa; Bank of America Europe Designated Activity Company; Bank of China Limited Milan Branch; Barclays Bank Ireland PLC; BBVA Milan Branch; BNP Paribas; BPER Banca S.p.A.; Citibank London Branch; Commerzbank AG, Milan Branch; Crédit Agricole Corporate and Investment Bank; Crédit Industriel et Commercial; Deutsche Bank Luxembourg; HSBC Continental Europe; Intesa Sanpaolo S.p.A.; JP Morgan; Mediobanca; Monte dei Paschi di Siena; MUFG Bank, Ltd.; National Westminster Bank; Natixis S.A. Milan Branch; SMBC Bank EU AG; Société Générale; Unicredit S.p.A.;

Giulia Di Palma

Author: Giulia Di Palma