Davide Campari-Milano N.V.
has entered into a term facility of €400,000,000 and a revolving facility of the same amount. The agreement is general corporate purposes of
Campari Group
, including, but not limited to, the repayment of the €250,000 term loan made, and the cancellation of a revolving loan granted to it in 2020.
Key Highlights:
* Agreement for a total amount equal up to €800,000.
* The term facility of €400,000,000 and the revolving facility have an original termination date on, respectively,
30 June 2029
.
* The purpose of the agreement is general corporate purposes of
Campari Group
, including the repayment of the €250,000,000 term loan made, and a revolving facility of the same amount, available to Davide CampariMilano N
* As of
31st March 2023
, the Group’s financial leverage was 2.3 times net debt to EBITDA-adjusted ratio .
Original Press Release:
Milan,
May 5
--
Campari Group
issued the following news release:
- Financial profile to be further strengthened thanks to an extension of the debt average maturity
- Continuous commitment to its Sustainability agenda
Davide Campari-Milano N.V.
has entered into a term facility of €400,000,000 and a revolving facility of the same amount, hence an agreement for a total amount equal up to €800,000,000 (the ‘Loan’) with a pool of banks comprising BNL BNP Paribas S.p.A.,
Banco BPM S.p.A
., Bank of America,
BPER Banca S.p.A
. - Corporate & Investment Banking, Coöperatieve Rabobank U.A., Crédit
Agricole Corporate and Investment Bank
(
Milan Branch
),
Intesa Sanpaolo S.p.A
. (Divisione IMI Corporate & Investment Banking),
Mediobanca
– Banca di Credito Finanziario S.p.A. and
UniCredit S.p.A
. , as original lenders,
Intesa Sanpaolo S.p.A
. (Divisione IMI Corporate & Investment Banking) as agent,
Banco BPM S.p.A
., Bank of America,
BNP Paribas
, Italian Branch,
BPER Banca S.p.A
. - Corporate & Investment Banking, Coöperatieve Rabobank U.A., Crédit
Agricole Corporate and Investment Bank
,
Milan Branch
,
Intesa Sanpaolo S.p.A
. (Divisione IMI Corporate & Investment Banking),
Mediobanca
– Banca di Credito Finanziario S.p.A. and
UniCredit S.p.A
. as mandated lead arrangers, and
BNP Paribas
(Italian Branch) and Crédit
Agricole Corporate and Investment Bank
(
Milan Branch
) as ESG coordinators.
The term facility of €400,000,000 and the revolving facility have an original termination date on, respectively,
30 June 2029
and
30 June 2028
and with an extension option - at the banks' discretion - at
30 June 2029
with reference to the revolving facility. The purpose of the agreement is general corporate purposes of
Campari Group
, including, but not limited to, the repayment of the €250,000,000 term loan made, and a revolving facility of the same amount, available to
Davide CampariMilano N.V.
in 2019 and with termination date in
July 2024
, and the cancellation of a revolving loan of €150,000,000 granted to it in 2020.
Both facilities are sustainability-linked and provide for a variable component of the interest rate applicable to the Loan depending on the achievement of certain ESG targets identified by
Campari Group
. In particular, these targets relate to certain important elements of environmental and social sustainability, in particular emissions reductions, responsible use of water and gender equality. Specifically, the Group commits to reduce GHG emissions (kgCO2e/L) from the total value chain (Scope 1, 2 and 3) by 30% by 2030, to lower water usage (L/L) by 60% by 2025 and by 62% by 2030, and to elevate female leadership increasing the proportion of women in management roles up to 40% by end of 2027. Depending on the annual achievement of each target, the Base Margin of both facilities will be adjusted upwards or downwards. The transaction is in line with Campari Group’s goal of fully integrating sustainability strategy into its business activity, including financing, aimed at contributing to the attainment of the
Sustainable Development Goals
(SDGs) established under the UN 2030 Sustainable Development Agenda.
As of
31st March 2023
, the Group’s financial leverage was 2.3 times net debt to EBITDA-adjusted ratio (or 2.2 times including the pro-forma EBITDA of the recent acquisitions). As a result of the Loan, the already very solid financial profile of
Campari Group
is further strengthened thanks to the extension of the average maturity of the liabilities with reference to both facilities. The new credit facility and revolving facility will allow
Campari Group
to optimize the settlement of all financial commitments, as well as maintain its investment commitments with reference to its announced industrial capital expenditure plan, in the absence of covenants on existing debt.
In this transaction Allen & Overy acted as legal advisor to
Davide Campari-Milano N.V.
, while
Clifford Chance
acted as legal advisor to the pool of banks.
ABOUT CAMPARI GROUP
Campari Group
is a major player in the global spirits industry, with a portfolio of over 50 premium and super premium brands, spreading across Global, Regional and Local priorities. Global Priorities, the Group’s key focus, include Aperol, Campari, SKYY, Grand Marnier, Wild Turkey and
Appleton Estate
. The Group was founded in 1860 and today is the sixth-largest player worldwide in the premium spirits industry. It has a global distribution reach, trading in over 190 nations around the world with leading positions in
Europe
and the
Americas
. Campari Group’s growth strategy aims to combine organic growth through strong brand building and external growth via selective acquisitions of brands and businesses.
Headquartered in
Milan, Italy
,
Campari Group
operates in 23 production sites worldwide and has its own distribution network in 25 countries.
Campari Group
employs approximately 4,000 people. The shares of the parent company
Davide Campari-Milano N.V.
(Reuters CPRI.MI - Bloomberg CPR IM) have been listed on the
Italian Stock Exchange
since 2001. For more information: http://www.camparigroup.com/en. Please enjoy our brands responsibly.
Source:
Campari Group
[Category: ESG, Funding Activities]
