Vattenfall Signs EUR 2 Billion Revolving Credit Facility

Vattenfall Forsmark

writer icon Peter Karlsson     Vattenfall   |   Business     🕐 10. Nov. 2020


On Thursday 5th of November, Vattenfall AB signed a sustainability-linked multi-currency revolving credit facility of EUR 2 billion.

The new credit facility replaces Vattenfall’s existing and undrawn EUR 2 billion revolving credit facility signed in 2014.

The facility, which is available for general corporate purposes, carries a three-year tenor with two one-year extension options.

It is a committed bank loan facility that allows Vattenfall to borrow funds at short notice if needed. The margin is linked to Vattenfall´s CO2e emissions intensity target.

Vattenfall’s 2030 CO2e emissions intensity target covers Scope 1 and 2 emissions and is approved by the Science Based Targets initiative.

The margin of the new facility is based on Vattenfall´s progress to meet this target.

A margin reduction will be applied if the CO2e emissions intensity is below a specified level and a margin premium will be applied above a certain level.

"This is an important back-up facility for Vattenfall that ensures that we have financial flexibility. The link to our CO2e emissions intensity shows that sustainability is integrated throughout our organisation, including funding activities. We now look forward to a good cooperation with our core banking group," said Johan Gyllenhoff, Head of Finance and Group Treasurer.

A total of 15 banks participated in the new credit facility. Going forward, they will comprise Vattenfall’s core relationship bank group.

The participating banks were: Barclays Bank PLC, BNP Paribas, Citibank N.A., London Branch, Danske Bank, Handelsbanken, ING Bank N.V., Landesbank Hessen-Thüringen Girozentrale, MUFG, NatWest, Nordea, Rabobank, Royal Bank of Canada, Skandinaviska Enskilda Banken, Société Générale and Swedbank AB participated in the transaction as Mandated Lead Arrangers and Bookrunners.

Société Générale Corporate & Investment Banking acted as Coordinator and Documentation Agent.

Skandinaviska Enskilda Banken acted as Facility Agent and Sustainability Advisor.



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