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Tod’s takes out a loan linked to sustainability goals

Tod’s takes out a loan linked to sustainability goals. Loan characterised by an innovative pricing mechanism linked to the achievement of environmental and social sustainability (ESG) goals

A pool of banks coordinated by Intesa Sanpaolo has concluded a €500 million financing operation that – thanks to a reward mechanism linked to the achievement of specific Environmental, Social, Governance (ESG) goals – will allow not only to strengthen the already solid financial structure of the Tod’s Group, but also to mitigate the risk profile related to the current market situation.

The loan, with a total duration of 5 years, is divided into a Term Facility of €250 million and a Revolving Credit Facility of a further €250 million.

In the transaction, structured by the IMI Corporate & Investment Banking Division, Intesa Sanpaolo acted as sole Global Coordinator, Bookrunner, Mandated Lead Arranger, sole Sustainability Coordinator, Original Lender and Facility Agent.

Intesa Sanpaolo also supported the Company in hedging its exposure to the risk of fluctuations in interest rates linked to the loan, through sustainable hedging. The hedging strategy uses an ESG-linked interest rate swap that provides for the reduction of the fixed rate paid on the basis of the achievement of the same sustainability targets envisaged in the loan.

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