Clifford Chance has advised CaixaBank as agent and a syndicate of Spanish and international financial institutions as lenders on the five year extension to Cepsa’s €2 billion multi-currency revolving credit facility, and the amendment of the financing to link it to key environmental and social indicators.
The pricing terms of the facility are linked to targeted reductions in carbon emissions and in the carbon intensity index of Cepsa’s energy product sales, as well as a gender diversity target for Cepsa’s leadership positions. As part of the sustainability mechanism, Cepsa and its lenders have committed to donating amounts equivalent to any pricing adjustment to the Cepsa Foundation, and to other foundations or non-profit organisations selected by the lenders.
The lending syndicate includes BBVA, Banco Santander, Bank of China, Bank of America, Barclays, BNP Paribas, CaixaBank, Citi, Commerzbank, First Abu Dhabi Bank, Intesa Sanpaolo, HSBC, Mizuho, MUFG, Natixis, SMBC, Société Générale and UniCredit.
The Global Financial Markets team in Clifford Chance was led by partner Epifanio Pérez, with English law support from associate James Rodier.
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