Published on 15 October 2020
Less than a year after its birth, the Breton agri-food cooperative group Eureden, which was formed from the union of the d'aucy and Triskalia groups, signed its first syndicated loan on 30 September last.
This 547 million euro financing with a 5-year maturity incorporates social and environmental criteria demonstrating the new group’s commitment to a corporate social and environmental responsibility (CSR) approach. Caisse Régionale du Crédit Agricole du Morbihan, Caisse Régionale du Crédit Agricole du Finistère, Natixis and Société Générale acted as Mandated Arrangers and Bookrunners, and Crédit Agricole CIB as Global Coordinator, CSR Coordinator and Documentation Agent.
The signature of this syndicated bank loan will enable the refinancing of existing outstanding loans, the coverage of working capital and general needs of the Eureden group, and also the support of development through investments and external growth operations.
In addition to the group’s territorial anchoring and the desire to make its activities sustainable, the Eureden group decided from the outset to make CSR a core part of its strategy and has chosen to include environmental and social impact criteria (Sustainability-Linked Loan) in its new syndicated loan.
Thus, this financing includes a CSR component linked to the achievement of three objectives concerning :
● Employee health and safety,
● The development of alternative solutions to phytosanitary products,
● And the development of renewable energies.
Trajectories defined over 5 years, for each of the indicators, will be subject to annual verification certified by an independent third party when the extra-financial performance statement is reviewed. Eureden is thus committed to a sustainable progress approach. More broadly, these objectives are part of a structured and ambitious CSR roadmap based on 5 pillars and 25 areas of action.
For Alain Perrin, Chief Executive Officer of the Eureden Group: “This financing illustrates the banks’
confidence in our ambitious Breton cooperative project at the service of the territories, with a
willingness to meet the financial and extra-financial challenges”.
For Dominique Ciccone, CEO of the Eureden group: “After the construction of our business plan, it is
a real satisfaction to have succeeded in this financing with historical banking partners in such a short
time and in the context of the COVID crisis”.
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The institutions involved in this credit are :
● Crédit Agricole Group : Caisse Régionale du Crédit Agricole du Morbihan, Caisse
Régionale du Crédit Agricole du Finistère, Caisse Régionale du Crédit Agricole des Côtes
d’Armor, LCL and Crédit Agricole CIB
● BPCE Group : Banque Palatine, Banque Populaire Grand Ouest, Caisse d’Epargne et de
Prévoyance Bretagne – Pays de Loire, Caisse d’Epargne de Normandie, Crédit Coopératif,
Hélia Conseil, Natixis
● Société Générale
● Arkéa Banque Entreprises et Institutionnels
● Banque CIC Ouest
● BNP Paribas
● HSBC
The Eureden Group was accompanied on this financing by Weil Gotshal & Manges LLP, with Cassandre Porgès (counsel), Nathalia Tekely, Arnaud Lelièvre and Awen Carnot.
The banking pool was assisted by CMS Francis Lefebvre Avocats with Benjamin Guilleminot (counsel), Benoît Fournier and Julia Dallié.