INWIT extends revolving credit facility including sustainability indicators
500-million-euro Revolving Credit Facility extension and amendment signed with a pool of 10 banks.
Rome, 3 March 2022 – INWIT, the main Italian tower operator, yesterday signed an agreement to amend its 500 million euro revolving credit facility, part of the financing used to fund the merger with Vodafone Towers.
The new features include: a 2 year extension to the loan’s maturity date to 2027, implying an improvement in the company’s financial flexibility, better contractual conditions and the inclusion of sustainability indicators.
After embarking on its sustainability path, last year INWIT signed the first Sustainability-linked Term Loan, linked to specific sustainability indicators. INWIT also continued this approach for its financing activities by adding key ESG strategy targets to the revolving credit facility amendment. Three Sustainability Plan KPIs are identified: a reduction in CO2 emissions, gender equality improvement and a reduction in the digital divide.
Those indicators were assigned with specific annual targets, implying a step up/down mechanism on the annual loan cost.
BBVA and Mediobanca coordinated this process as Global & Sustainability Coordinators, and together with Banco BPM, BofA Securities, BNP Paribas and BNL, Credit Agricole Group, HSBC, Intesa Sanpaolo, SMBC and UniCredit, are lenders in the loan pool.
“For us, pursuing a sustainable business model means continuing a commitment undertaken with an entire community, consistent with our Sustainability Plan, fully integrated in our industrial strategy – declared Giovanni Ferigo, Chief Executive Officer of INWIT. The financial world is increasingly attentive to ESG criteria guaranteeing a company’s capacity to create long-term value. The agreement signed once again proves the validity of the road we have taken”.