MILAN – Italy’s leading coffee roaster Lavazza has been granted from pool of Italian banks a 500 million euro ($586.5 million) loan to fund projects aimed at making the coffee company more sustainable.
According to Reuters BNP Paribas’s BNL, Banco BPM and Intesa Sanpaolo have acted as mandated lead arrangers and lenders in the transaction that involves a term loan and a revolving credit line, both with a five-year maturity, a statement issued by the lenders said.
“The financing is linked to Lavazza’s specific ESG (Environmental, Social and Governance) goals,” the banks said in the statement quoted by Reuters, adding it entails a bonus mechanism linked to the achievement of specific sustainability targets.
The banks were assisted by the law firm Bonelli Erede, while Lavazza was assisted by the law firm Clifford Chance.
