Grupo Bimbo’s $2.35 Billion Sustainability-Linked Multicurrency Revolving Credit Facility

Cleary Gottlieb advised the lenders in the refinancing of Grupo Bimbo’s approximately $2.35 billion sustainability-linked multicurrency revolving credit facility.

The refinancing was arranged by Banco Santander S.A., Bank of America N.A., BBVA México S.A., Institución de Banca Múltiple, Grupo Financiero BBVA México, BNP Paribas, CaixaBank S.A., Citibank N.A., Coöperatieve Rabobank U.A., HSBC México S.A., Institución de Banca Múltiple, Grupo Financiero HSBC, JPMorgan Chase Bank N.A., Mizuho Bank Ltd., Morgan Stanley Senior Funding Inc., and The Bank of Nova Scotia.

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 incorporated new arrangers and members of the syndicate, extended the maturity of the Tranche A 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.