Edenred in Amended and Restated €750 Million Sustainability-Linked Facility Agreement

February 12, 2020

Cleary Gottlieb represented Edenred S.A. (Edenred) in the negotiation and implementation of an amended and restated €750 million sustainability-linked facility agreement entered into on February 12, 2020, between, among others, Edenred as borrower, Crédit Agricole Corporate and Investment Bank as sole coordinator and sustainability coordinator, and a bank syndicate as lenders.

This facility, which has been increased from €700 million to €750 million and which maturity has been extended from July 2023 to February 2025 (with extension options to February 2027), will be available to finance the general corporate purposes of the Edenred group.

Edenred has for the first time decided to index the financial conditions attached to these financing instruments to environmental and social performance indicators, taken from the quantitative sustainable development targets set by the group for 2022 and 2030.

The two nonfinancial criteria introduced into the calculation of the facility’s financing costs relate to promoting healthy and sustainable eating habits (Edenred aims to reach an 85% nutrition awareness rate among merchants and employees by 2030 using its solutions (versus 30% in 2018)) and combating global warming (Edenred is targeting a 52% cut in greenhouse gas emissions intensity by 2030 compared with 2013 (26% reduction in 2018)).

The bank syndicate was composed of 17 banks, including Barclays Bank PLC; BNP Paribas; Citibank International PLC; Commerzbank Aktiengesellschaft, Filiale Luxembourg; Crédit Agricole Corporate and Investment Bank; Banque Fédérative du Crédit Mutuel; Crédit Indusriel et Commercial; HSBC France; Natixis; Société Générale; Bayerische Landesbank; Banco Bilbao Vizcaya Argentaria S.A., acting through its Paris branch; DNB Bank ASA; ING Belgium S.A., Succursale en France; Banco Santander S.A., Paris branch; Itau BBA International PLC; and Intesa Sanpaolo S.P.A. - Succursale de Paris.

Edenred is the world leader in transactional solutions for companies, employees, and merchants.