Barry Callebaut couples sustainability with its renewed banking credit facility
- Barry Callebaut amends and extends revolving credit facility
- For the first time in Switzerland, second time in Europe, the interest rate will be coupled with the company’s sustainability performance and rating.
- The facility size increased from EUR 600 million to EUR 750 million, strengthening the Groups’ liquidity profile
Barry Callebaut, the world’s leading manufacturer of high-quality chocolate and cocoa products, successfully amended and extended its revolving credit facility. For the first time in Switzerland, the applicable credit margin is linked to the sustainability performance of Barry Callebaut, reported by Sustainalytics. The most recent Sustainalytics performance of Barry Callebaut increased from 67 to 72. This score is an outstanding achievement that makes Barry Callebaut an Outperformer in its industry sector. ING is the Sustainability Coordinator of the facility, as part of a syndicate of 13 banks.
Victor Balli, CFO of Barry Callebaut, said: “I am pleased to be able to increase and extend our revolving credit facility with our core banks, which is proof of our excellent long-standing relationship. Following the announcement of our ambitious sustainability strategy “Forever Chocolate” last November, I am proud that we are one of the pioneers in the green loan area. Linking the interest rate to our sustainability performance makes perfect business sense for us and the financial industry”.
Léon Wijnands, Global Head ING Sustainability: “ING supports clients who are a step ahead in sustainability. We congratulate Barry Callebaut with this financing, which underpins the sustainability ambitions of “Forever Chocolate”.
In November 2016 Barry Callebaut launched its new sustainability strategy “Forever Chocolate”, targeting 100% sustainable chocolate by 2025. In order to make sustainable chocolate the norm, “Forever Chocolate” includes four targets that the company expects to achieve by 2025 and that address the biggest sustainability challenges in the chocolate supply chain: child labor, farmer poverty, its carbon and forest footprint and sustainable sourcing.
The credit facility amount increased from EUR 600 million to EUR 750 million, further strengthening the Group’s liquidity profile. The tenor is extended by three years to 2022, perfectly matching with the Group’s maturity profile.
About Barry Callebaut Group:
With annual sales of about CHF 6.7 billion (EUR 6.1 billion / USD 6.8 billion) in fiscal year 2015/16, the Zurich-based Barry Callebaut Group is the world’s leading manufacturer of high-quality chocolate and cocoa products – from sourcing and processing cocoa beans to producing the finest chocolates, including chocolate fillings, decorations and compounds. The Group runs more than 50 production facilities worldwide and employs a diverse and dedicated global workforce of close to 10,000 people.
The Barry Callebaut Group serves the entire food industry, from industrial food manufacturers to artisanal and professional users of chocolate, such as chocolatiers, pastry chefs, bakers, hotels, restaurants or caterers. The two global brands catering to the specific needs of these Gourmet customers are Callebaut® and Cacao Barry®.
The Barry Callebaut Group is committed to make sustainable chocolate the norm by 2025 to help ensure future supplies of cocoa and improve farmer livelihoods. It supports the Cocoa Horizons Foundation in its goal to shape a sustainable cocoa and chocolate future.