Specialty chemicals company ALTANA has secured a new revolving credit facility (a credit line with a maximum amount for a defined term) from an international banking consortium. This provides ALTANA with 250 million euros over the next five to seven years, which the Group can draw on as needed, for example for growth projects or investments. As an ESG-linked loan, the interest rate depends not only on traditional parameters, but also on the company’s performance regarding environmental, social, and governance processes.

 

The eight banks participating in the consortium are UniCredit (coordinator), Commerzbank, Deutsche Bank, Helaba, LBBW, and the European, Asian, and American banks BNP Paribas, Bank of China, and JP Morgan. As a result, all of the major regions in which ALTANA is active are covered.

 

The ESG-linked loan takes into account the company’s contributions to greater sustainability for the first time. At 40 basis points, the initial margin of the newly agreed credit line is at a pre-pandemic level and thus reflects ALTANA’s earning power and balance sheet stability.

 

For the ESG key figures, ALTANA uses its published climate neutrality and energy efficiency targets, as well as those relating to occupational safety. Once a year, an independent auditor reviews the key figures on a specified date. The auditor’s certificate forms the basis for the interest calculation. If the targets are achieved, the interest margin is reduced.

 

“The attractive terms of the credit line are clear evidence of ALTANA’s credible and effective sustainability strategy,” says Angela Drautz, Head of Group Treasury at ALTANA. “Last but not least, they also reflect our economic performance even under challenging pandemic conditions. This reliability is the basis of our high credit rating,” says Stefan Genten, Chief Financial Officer of ALTANA AG.