EDENRED (EPA:EDEN) - Edenred: Edenred ties social and environmental criteria to one of its financing instruments for the first time
Transparency directive : regulatory news
13/02/2020 08:45
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Press release
February 13, 2020
Edenred ties social and environmental criteria to one of its financing
instruments for the first time
Edenred has announced that it has renegotiated its syndicated credit facility,
increasing it from EUR700 million to EUR750 million, extending its maturity
from July 2023 to February 2025 - with extension options to February 2027 -
and improving the financial conditions. Edenred notably decided to introduce
environmental and social performance criteria into the calculation of the
financing costs.
For the first time in its history, Edenred has decided to index the financial
conditions attached to one of its financing instruments to environmental and
social performance indicators, taken from the quantitative sustainable
development targets set by the Group for 2022 and 2030.
The two non-financial criteria to be introduced into the calculation of the
syndicated credit facility's financing costs relate to:
- promoting healthy and sustainable eating habits - Edenred aims to reach by
2030 an 85% nutrition awareness rate among merchants and employees using its
solutions (versus 30% in 2018);
- combating global warming - Edenred is targeting a 52% cut in greenhouse gas
emissions intensity(1) by 2030 compared with 2013 (26% reduction in 2018).
The Group's sustainable development policy has three focus areas:
- Ideal People: improve quality of life
- Ideal Planet: preserve the environment
- Ideal Progress: create value responsibly
Patrick Bataillard, Edenred's Executive Vice President, Finance, said: "The
operation's success is indicative of the quality of Edenred's credit(2). As
well as strengthening the Group's liquidity under improved conditions, the new
agreement is perfectly in line with our strategy of generating sustainable and
profitable growth."
The transaction was arranged by Crédit Agricole CIB acting as Sole Coordinator
and Sustainability Coordinator.
(1) Targets calculated using the Science Based Targets initiative methodology
in line with the Paris Agreement goals.
(2) Standard & Poor's attributed Edenred a "Strong Investment Grade" rating in
June 2010, which it reaffirmed in its publication dated May 11, 2019.
Edenred is the everyday companion for people at work. Its leading
intermediation platform connects 50 million employees and 2 million partner
merchants via 830,000 corporate clients, across 46 countries. Thanks to its
global technology assets, the Group managed 2.5 billion specific purpose
payment transactions in 2018, primarily carried out via mobile applications,
online platforms and cards, and representing nearly EUR30 billion in business
volume.
Edenred's 10,000 staff are driven by a commitment to improving employees'
quality of life, increasing companies' efficiency and boosting merchants'
revenues. They achieve this through three business lines:
- Employee Benefits (food, meals, well-being, leisure, culture and human
services)
- Fleet & Mobility Solutions (fuel, tolls, maintenance and business travel)
- Complementary Solutions, including Corporate Payment Services (virtual
payment cards, identified wire transfers and supplier payments), Incentive
& Rewards (gift cards and platforms, and incentive programs), and Public
Social Programs.
For more information: www.edenred.com
The logos and other trademarks mentioned and featured in this press release are
registered trademarks of Edenred S.A., its subsidiaries or third parties. They
may not be used for commercial purposes without prior written consent from
their owners.
CONTACTS
Communications Department
Marie-Laurence Bouchon
+33 (0)1 86 67 20 08
marie-laurence.bouchon@edenred.com
Media Relations
Matthieu Santalucia
+33 (0)1 86 67 22 63
matthieu.santalucia@edenred.com
Investor Relations
Solène Zammito
+33 (0)1 86 67 23 13
solene.zammito@edenred.com
Loïc Da Silva
+33 (0)1 86 67 20 67
loic.dasilva@edenred.com