White & Case LLP advised Symrise AG on the deal. Taylor Wessing advised the syndicate of banks.
Symrise AG executed a €500 million syndicated sustainability-linked financing.
The revolving credit facility contains a specific sustainability-linked component, has a term of three years and was arranged by Symrise. Due to the possibility of drawing loans in US dollars or sterling, among other currencies, the current arrangements to replace LIBOR with risk-free reference rates were included.
The loan is tailored to Symrise’s sustainability targets and compliance or non-compliance with defined KPIs results in an adjustment of the margin. Such adjustments will be donated by Symrise to a charity. The indicators include the eco-efficiency of greenhouse gas emissions, the expansion of sustainable procurement processes for biological raw materials, and increasing the efficiency of water consumption in arid regions where Symrise holds operating facilities.
The sustainability-linked revolving credit facility has been provided by a consortium of 11 financial institutions, with UniCredit acting as Documentation Agent and Joint Coordinator, Commerzbank as Joint Coordinator, Rabobank as Sole Sustainability Coordinator, LBBW as Agent, and Commerzbank, UniCredit, Rabobank, LBBW, Banco Santander, BNP Paribas, Deutsche Bank, Landesbank Hessen-Thuringen Girozentrale, Societe Generale, Standard Chartered and The Bank of Tokyo-Mitsubishi UFJ Limited as Bookrunners and Mandated Lead Arrangers.
Symrise is a leading global supplier of fragrances, flavors, cosmetic ingredients and functional ingredients and is listed on the MDAX.
The White & Case team in Frankfurt which advised Symrise on the transaction included counsel Sascha H. Schmidt, partner Karsten Wöckener (Picture) and associate Merve Sismangil.
The Taylor Wessing team included lead Clemens Niedner (partner), Jacqueline Arbogast (senior associate), Yasaman Zargar (associate), all Banking and Finance, all Frankfurt am Main, Prof. Dr. Jens Escher (partner, Düsseldorf), Dr. Philipp Weiten (associate, Düsseldorf) all Tax.
Involved fees earner: Jacqueline Arbogast – Taylor Wessing; Jens Escher – Taylor Wessing; Clemens Niedner – Taylor Wessing; Philipp Weiten – Taylor Wessing; Yasaman Zargar – Taylor Wessing; Merve Mert-Sismangil – White & Case; Sascha Schmidt – White & Case; Karsten Wöckener – White & Case;
Clients: Banco Santander Sa; BNP Paribas; Commerzbank AG; Deutsche Bank; Landesbank Hessen-Thüringen Girozentrale; LBBW Immobilien Management GmbH; Rabobank; Société Générale; Standard Chartered; Symrise; The Bank of Tokyo-Mitsubishi UFJ Ltd.; UniCredit Bank AG;