Compagnie de Saint-Gobain in Annual Update of €15 Billion EMTN Program

Cleary Gottlieb represented Société Générale, as arranger, and Banco Bilbao Vizcaya Argentaria S.A., Banco Santander S.A., BNP Paribas, Citigroup Global Markets Europe AG, Crédit Agricole Corporate and Investment Bank, Goldman Sachs Bank Europe SE, ING Bank N.V. Belgian Branch, J.P. Morgan SE, MUFG Securities (Europe) N.V., NatWest Markets N.V., and Société Générale, as dealers, and acted as deal counsel in connection with Compagnie de Saint-Gobain’s annual update of €15 billion EMTN Program and the introduction of the possibility to issue sustainability-linked notes under this program.

The notes are governed by English law and bear either fixed, floating, fixed/floating, inverse floating, or inflation-linked interest rates, and are either listed or non-listed.

The possibility for Compagnie de Saint-Gobain to issue sustainability-linked notes was introduced under the program. In line with the sustainability-linked bond principles administered by ICMA and with the sustainability-linked financing framework published by Compagnie de Saint-Gobain in July 2022, Compagnie de Saint-Gobain selected two key performance indicators (KPIs), which are core, material, and relevant to the group’s activities: the absolute scope 1 & 2 GHG emissions and the percentage of non-recovered production waste. The non-achievement of the applicable objectives set for these KPIs in the final terms for each issuance of sustainability-linked notes will result in a margin step-up as detailed in the terms and conditions of the notes.

Worldwide leader in light and sustainable construction, Compagnie de Saint-Gobain designs, manufactures, and distributes materials and services for the construction and industrial markets. Its integrated solutions for the renovation of public and private buildings, light construction, and the decarbonization of construction and industry are developed through a continuous innovation process and provide sustainability and performance.