Cleary Gottlieb advised the lenders Grupo Bimbo’s approximately $1.93 billion sustainability-linked multicurrency revolving credit facility.
The new facility was arranged by BBVA México S.A., Institución de Banca Múltiple, Grupo Financiero BBVA México, Banco Santander S.A., Bank of America N.A., Citibank N.A., Coöperatieve Rabobank U.A. New York Branch, HSBC México S.A., Institución de Banca Múltiple, Grupo Financiero HSBC, JPMorgan Chase Bank N.A., ING Bank N.V. Dublin Branch, JPMorgan Chase Bank N.A., Mizuho Bank Ltd., MUFG Bank Ltd., and Morgan Stanley Bank N.A.
The sustainability-linked features of the facility incentivize the borrower to meet specific environmental sustainability targets in exchange for reduced interest rates. Among other things, the amendment extended the maturity of the multicurrency revolving credit facility and provided for further amendment to the sustainability-linked features in the future.
Grupo Bimbo is a multinational company listed on the Mexican stock exchange that produces and distributes baked goods and snacks. Grupo Bimbo is headquartered in Mexico City and employs approximately 137,000 people globally.