SOMFY confirms its commitment to sustainable development by integrating non-financial performance targets into the financing
Crédit Agricole CIB and LCL advised the SOMFY Group, acting as ESG coordinators for its syndicated line of credit.
SOMFY has integrated non-financial performance targets into the financing conditions of its €350 million syndicated line of credit. Effective from 2023, the initiative confirms the group’s commitment to sustainable development.
Crédit Agricole CIB and LCL supported SOMFY as ESG coordinators for the financing, providing the company with the Crédit Agricole Group’s recognised expertise in sustainable finance.
The Bank supported SOMFY in the implementation of a €350 million revolving credit facility refinancing bilateral debts. The facility will be used to finance the company’s general needs and integrates non-financial performance targets consistent with SOMFY’s robust CSR strategy.
As part of the transaction, the cost of financing will be indexed annually on three key indicators:
- the reduction of Scope 1 and 2 greenhouse gas emissions;
- the reduction of Scope 3 greenhouse gas emissions;
- an increase in the proportion of women in management.
Founded in 1969 in France, and now operating in 58 countries, SOMFY is the world leader in window and door automation for homes and buildings. Pioneer in the connected home, the Group is constantly innovating to guarantee its users comfort, well-being, and security in the home and is fully committed to promoting sustainable development. For more than 50 years, SOMFY has been using automation to improve living environments and has been committed to creating reliable and sustainable solutions that promote better living and well-being for all.
“This transaction is the culmination of a close relationship formed over decades with SOMFY’s shareholding family and management. It stands as recognition of the know-how of the Crédit Agricole Group and CACIB in supporting our clients on vital non-financial themes relating to climate change and societal issues.”
Estebann Jager, Senior Banker (Crédit Agricole CIB Midcaps Division)
“The goal of Crédit Agricole des Savoie is to take action for the future of its region in response to emerging social, environmental and climate challenges. Supporting an emblematic player of the Savoie region such as SOMFY on the integration of its ESG performance assessment into its financing policy ties in 100% with that goal.”
Thomas Burdet, Relationship Manager, Large Companies (Caisse Régionale des Savoie)
“By anticipating the needs of the client and its shareholders, and through the close relations with the LCL and Crédit Agricole Group teams, we supported SOMFY in its very first impact financing and proposed ambitious non-financial targets to the directors.”
Pierre Falcone, Senior Banker (LCL)
“By structuring non-financial indicators, we were able to create a differentiating dialogue with SOMFY’s CSR and HR departments, highlighting the expertise of the Crédit Agricole Group with a particularly committed regional midcap.”
Gaspard Maraval, Sustainable Banking, Midcaps (Crédit Agricole CIB)