Coveris has successfully completed a major refinancing process consisting of a EUR 140 million credit facility and a centralized factoring program. The documentation is based on Corporate Investment Grade standard, with the margin being linked to the performance of Coveris’ externally audited Environmental, Social and Governance (ESG) rating. The financing was arranged by Erste Group Bank AG (acting as Coordinator, Documentation-, Facility- and Security Agent) and was joined by Raiffeisen Bank International AG (acting as ESG Structuring Agent), UniCredit Bank Austria AG and Commerzbank AG (also a Bookrunner and Mandated Lead Arranger).
The centralized factoring program, which is also ESG-linked, is provided by Intermarket Bank AG.
E+H Rechtsanwälte GmbH and CMS Reich-Rohrwig Hainz acted as legal counsels to Coveris and the lenders respectively.
With these transactions Coveris has further improved its financial strength and has also secured the necessary funds for its future growth. By linking the margin to Coveris’ sustainability performance, the company demonstrates its continuous commitment to combine economic growth with a clear focus on improving the sustainability of its business.