Skanska signs a EUR 500,000,000 sustainability linked revolving credit facility
On Tuesday, 8 November 2022, Skanska entered into a new EUR 500,000,000 multicurrency revolving credit facility linked to its sustainability goals. The Facility has a tenor of five years 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 in 2017.
The interest rate margin on the credit facility is linked to Skanska’s sustainability strategy. The KPIs relates to Skanska’s ambitious climate targets which have been validated by the Science Based Targets initiative; reduce 70% of absolute GHG emissions from operations by 2030 from a 2015 baseline and; for buildings developed and divested by Skanska, reduce 50% of absolute GHG emissions during the use-phase by 2030 from a 2020 baseline. The climate target reinforces Skanska’s aim to scale innovative, sustainable solutions such as highly energy-efficient and energy-producing buildings which are increasingly in demand by customers.
The facility is backed by a group of 7 leading global and regional banks, well diversified to match Skanska’s geographical footprint. 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.