CECONOMY AG ("CECONOMY"), the parent company of MediaMarktSaturn, has successfully concluded a new ESG-linked revolving credit facility in the amount of €900 m. The new syndicated loan replaces the existing credit lines early on, which solely served as a liquidity reserve and were not drawn at any point in time. The new credit line will continue to serve as pure back-up and has a term of three years with two one-year extension options.
The interest rate on the new credit line is once again linked to the achievement of ESG criteria. The margin depends on the successful reduction of greenhouse gas intensity (scope 3.11, covering the use phase of sold Private Label and external brand products), the number of refurbished products sold and the proportion of women in management positions.
Hengeler Mueller advised CECONOMY comprehensively on the sustainable credit line.
Hengeler Mueller-team for CECONOMY
Financing: Daniela Böning (partner), Antonius Rodewig (associate, both Frankfurt).
