The Norma Group Financing: A Sustainable Answer
– NORMA Group SE has concluded its financing with a platform-based promissory observe with sustainability parts. Complete quantity of the financing is €120 million. As in earlier transactions, the corporate is working to constantly implement its sustainability technique.
The curiosity margin is elevated or decreased by 2.5 or 5 foundation factors relying on NORMA Group’s sustainability score. The score is made accessible by sustainability company Sustainalytics. Corporations are evaluated in keeping with environmental, social and governance standards. In an effort to focus on NORMA Group’s already robust sustainability score and to substantiate it in the long run, 4 threshold values with corresponding bonus-malus rules have been established. Constant enchancment within the numerous sustainability standards will result in financial savings within the financing prices of the brand new promissory observe.
The promissory observe with a complete quantity of €120 million was issued in tranches with maturities of three, 5 and 7 years mixed with mounted and variable curiosity parts. The allocation was made on the respective decrease finish of the rate of interest vary provided. NORMA Group will use proceeds from the transaction to repay present monetary liabilities and for common company financing.
Annette Stieve, Chief Monetary Officer of NORMA Group SE, on the profitable financing: “We’re happy that we now have been capable of additional optimize our financing construction with this profitable refinancing. It supplies us with a level of safety and room to maneuver in a financing surroundings that is still difficult. It’s notably noteworthy that we once more managed to draw a broad investor base with out monetary covenants, together with for the primary time the European Financial institution for Reconstruction and Improvement (EBRD).”
Landesbank Hessen-Thüringen Girozentrale, Landesbank Baden-Württemberg and DZ BANK acted as lead arrangers for the transaction.
NORMA Group was supported by Latham & Watkins as authorized advisor.
