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Latham Advises the Lenders in Connection With the Sustainability-Linked Refinancing of SPIE’s €1.2 Billion Syndicated Loan

November 2, 2022
Paris finance team represents the lenders in the transaction.

Latham & Watkins has advised the lenders in connection with the sustainability-linked refinancing by SPIE, the independent European leader in multi-technical services in the areas of energy and communications, of a €1.2 billion syndicated loan. The sustainability-linked margin incentive mechanism is based on four ESG KPIs as set forth in SPIE’s 2025 ESG targets, and relates to direct GHG emissions, suppliers’ GHG emissions, green share of revenue, and gender diversity.

This refinancing was coordinated by BNP Paribas and Société Générale (acting together as Global Coordinators and Documentation Agents) and concluded with Crédit Agricole CIB and Natixis (acting as ESG Coordinators), BNP Paribas, Commerzbank, Crédit Agricole CIB, CIC, ING Bank, Natixis, Société Générale (acting as Mandated Lead Arrangers & Bookrunners), Raiffeisen Bank International, KBC Bank NV, Belfius Banque SA, La Banque Postale, BRED Banque Populaire (acting as Mandated Lead Arrangers) Banco de Sabadell, DZ Bank, Arkea (acting as Lead Arrangers) and BNP Paribas (acting as Agent).

The Latham team was led from Paris by finance partner Michel Houdayer with finance associates Aurélien Lorenzi, Matthieu Herviaux, and Léa Demulder. Advice was provided on tax matters by partner Xavier Renard, with associate Alexis Caminel.