Skanska, the Swedish construction firm and developer, has entered into a new €500 mln multicurrency revolving credit facility linked to its sustainability goals.
The agreement was signed on Tuesday for a five-year facility with two one-year extension options and will be used as a backup for general corporate purposes.
The facility is a refinancing of the existing and undrawn revolving credit facility signed back in 2017.
Skanska revealed how the facility is backed by a group of 7 global and regional banks. Crédit Agricole Corporate and Investment Bank, Nordea and SEB acted as joint coordinators, mandated lead arrangers and bookrunners in the transaction. SEB also acted as the sustainability coordinator and facility agent.
The interest rate margin is linked to Skanska’s sustainability strategy with targets said to be validated by the Science Based Targets initiative. Targets are to reduce 70% of absolute greenhouse gas emissions from operations by 2030 from a 2015 baseline and for buildings developed and divested by Skanska to reduce 50% of absolute greenhouse gas emissions during use by 2030 from a 2020 baseline.
