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Banks grant Lavazza 500 million euro loan for green projects

Reuters
·1-min read

MILAN (Reuters) - A pool of Italian banks has granted a 500-million euro ($587 million) loan to Lavazza to fund projects aimed at making the coffee maker more sustainable, a statement issued by the lenders said on Tuesday.

BNP Paribas's BNL, Banco BPM and Intesa Sanpaolo have acted as mandated lead arrangers and lenders in the transaction that involves a term loan and a revolving credit line, both with a five-year maturity, the banks said.

"The financing is linked to Lavazza's specific ESG (Environmental, Social and Governance) goals," the banks said, adding it entails a bonus mechanism linked to the achievement of specific sustainability targets.

The banks were assisted by the law firm Bonelli Erede, while Lavazza was assisted by the law firm Clifford Chance.

($1 = 0.8523 euros)

(Reporting by Francesca Landini, editing by Giulia Segreti)