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Compagnie Générale des Etablissements Michelin
Capital/Financing Update • Oct 19, 2020
1526_iss_2020-10-19_442d4d63-0e09-4460-99eb-1baa32b8eeb8.pdf
Capital/Financing Update
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COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS MICHELIN
Michelin signed a EUR 2.5bn Multicurrency Revolving Credit Facility
Compagnie Générale des Établissements Michelin, signed on 16 October 2020 with a group of 19 banks a new EUR 2'500'000'000 multi-currency revolving credit facility ("the Facility"). The Facility replaces the existing EUR 1,500,000,000 facility dated 12 July 2011 and amended on 20 July 2012 and 10 December 2014 signed by Compagnie Financière Michelin. It is a back-up facility which, jointly with our commercial € paper program, has been increased to take in account the Group's growth.
The Facility has a three-year tenor and incorporates two 1-year extension options at each lender's discretion.
The Facility comes with an CSR clause that links its pricing to a set of Sustainability Performance Targets material to the Company's business and important to its stakeholders:
- Percentage of engagement of the Group's employees.
- Reduction of our Scope 1&2 greenhouse gas emissions.
- Reduction of the environmental impact of our sites.
Depending on the number of Sustainability Performance Targets achieved, an increase or a discount will be applied to the margin of the Facility. This underlines the Company's commitment that in the Michelin of tomorrow everything will be sustainable.
The syndication was successfully launched on 14 September 2020, and closed largely oversubscribed, thus demonstrating a very positive valuation of the Michelin Group's credit risk by the market.
The final syndicate stands as follows:
Mandated Lead Arrangers and Bookrunners:
BNP Paribas (mandated as Documentation Agent) HSBC France (mandated as Facility Agent and ESG coordinator) Banco Santander Citi Crédit Agricole Corporate and Investment Bank Deutsche Bank Natixis Société Générale Corporate & Investment Banking The Bank of Tokyo Mitsubishi UFJ
Mandated Lead Arrangers:
JP Morgan Morgan Stanley NatWest Sumitomo Mitsui Banking Corporation Unicredit
Arrangers:
Bank of America Merril Lynch Bank of China CM-CIC Industrial and Commercial Bank of China Mizuho Corporate Bank
| Relations Investisseurs | HSBC France |
|---|---|
| Édouard de Peufeilhoux Head of IR Team +33 (0) 6 89 71 93 73 [email protected] |
Evgenia SAMCHENKO Global Banking +33 (0)1 58 13 95 96 +33 (0)6 98 25 19 35 (mobile) [email protected] |
| BNPP France | |
| Charlotte Conlan Head of Loan Syndicate +44 207 59 53 121 [email protected] |
DISCLAIMER
This press release is not an offer to purchase or a solicitation to recommend the purchase of Michelin shares. To obtain more detailed information on Michelin, please consult the documents filed in France with Autorité des marchés financiers, which are also available from the www.michelin.com website.
This press release may contain a number of forward-looking statements. Although the Company believes that these statements are based on reasonable assumptions as at the time of publishing this document, they are by nature subject to risks and contingencies liable to translate into a difference between actual data and the forecasts made or inferred by these statements.
