The filter manufacturer is replacing ahead of schedule the existing line with an original term until 2024.
BNP Paribas, ING and LBBW were mandated as coordinators, bookrunners and lead managers in this latest transaction. The credit line has a term of five years and includes two options to extend the term by one year each. Despite the difficult economic environment, a significant oversubscription was achieved.
For the first time, the new credit line has a sustainability component that links the interest rate to an ESG (environmental, social and governance) score. The interest margin is increased or decreased depending on Mann+Hummel’s EcoVadis rating.
“The successful refinancing of our credit line demonstrates the confidence of our banks in our vision of "Leadership in Filtration" and in our ability to implement the transformation strategy,” said Emese Weissenbacher, Mann+Hummel’s executive vice president and chief financial officer. “The credit line is a key component for this, as it provides us with the required financial flexibility.”