L’OCCITANE Group signs its first Sustainability-Linked Loan with the support of Crédit Agricole CIB
The L’OCCITANE Group announces the closing of its first Sustainability-Linked Loan in the form of a EUR 600 million revolving credit maturing on 31 March 2026. This facility will refinance existing credit lines. The terms of this new financing are indexed on ambitious CSR indicators that are in line with current social and environmental issues. These indicators can impact the margin upwards or downwards, and are linked to the three following areas: preserving and regenerating natural and cultivated biodiversity, mitigate the climate crisis and supporting the communities in which the L’OCCITANE Group is involved.
This new facility creates a link between L’OCCITANE Group’s financial policy and its strong CSR commitments set up many years ago. A pioneer in terms of sustainable development in the cosmetics sector, which is closely linked to the agricultural sector, the Group made early commitments in favour of soil regeneration and the traceability of natural raw materials in its products.
Crédit Agricole CIB was involved in structuring this inaugural transaction as ESG Structurer and also acted as mandated Arranger, Bookrunner and facility and documentation Agent. The Provence Côte d’Azur Regional Bank and LCL, which are historical partners of L’OCCITANE Group, also participated in the financing. This transaction confirms the Crédit Agricole Group’s position as a major player in the energy transition and in supporting our regions.
“Aligning our financial policy and our CSR Strategy is essential for the refinancing of the L’OCCITANE Group. Beyond the impact on the terms of the loan, these CSR indicators allow us above all to concretely associate our banks with our historical social and environmental commitments, but also to make them known to the entire financial community,” says Thomas Levilion, Deputy General Manager, Finance and Administration of the L’OCCITANE Group.
“We are proud to support the L’OCCITANE Group in its first sustainable financing which is part of the close and trusting relationship that has linked our two groups for more than 20 years. This transaction also confirms our respective longstanding commitments to sustainable development and to supporting our regions,” explains Nathalie Sarel, Sustainable Banking team at Crédit Agricole CIB.
The L’OCCITANE Group is an international group that manufactures and retails beauty and well-being products that are rich in natural and organic ingredients. A global leader in the premium beauty market, the Group has more than 3,400 retail outlets, including more than 1,600 owned stores, and is present in 90 countries. Through its six brands – L’OCCITANE en Provence, Melvita, Erborian, L’OCCITANE au Brésil, LimeLife and ELEMIS – the Group offers new and extraordinary beauty experiences, using high-quality products that respect nature, the environment and the people in it.
Discover more at group.loccitane.com
Crédit Agricole CIB is the corporate and investment banking arm of Credit Agricole Group, the 12th largest banking group worldwide in terms of tier 1 capital (The Banker, July 2020). Nearly 8,400 employees across Europe, the Americas, Asia-Pacific, the Middle East and Africa support the Bank's clients, meeting their financial needs throughout the world. Crédit Agricole CIB offers its large corporate and institutional clients a range of products and services in capital markets activities, investment banking, structured finance, commercial banking and international trade. The Bank is a pioneer in the area of climate finance, and is currently a market leader in this segment with a complete offer for all its clients.
For many years Crédit Agricole CIB has been committed to sustainable development. The Bank was the first French bank to sign the Equator Principles in 2003. It has also been a pioneer in Green Bond markets with the arrangement of public transactions from 2012 for a wide array of issuers (supranational banks, corporates, local authorities, banks) and was one of the co-drafter of Green Bond Principles and of the Social Bond Guidance. Relying on the expertise of a dedicated sustainable banking team and on the strong support of all bankers, Crédit Agricole CIB is one of the most active banks in the Green bonds market.
For more information, please visit www.ca-cib.com