18.07.2022

Coveris completes ESG linked financing facilities

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Coveris has successfully completed a major refinancing process consisting of a EUR 140 million credit facility and a centralized factoring program. The documentation is based on Corporate Investment Grade standard, with the margin being linked to the performance of Coveris’ externally audited Environmental, Social and Governance (ESG) rating. The financing was arranged by Erste Group Bank AG (acting as Coordinator, Documentation-, Facility- and Security Agent) and was joined by Raiffeisen Bank International AG (acting as ESG Structuring Agent), UniCredit Bank Austria AG  and Commerzbank AG (also a Bookrunner and Mandated Lead Arranger).

The centralized factoring program, which is also ESG-linked, is provided by Intermarket Bank AG.  

E+H Rechtsanwälte GmbH and CMS Reich-Rohrwig Hainz acted as legal counsels to Coveris and the lenders respectively.

With these transactions Coveris has further improved its financial strength and has also secured the necessary funds for its future growth. By linking the margin to Coveris’ sustainability performance, the company demonstrates its continuous commitment to combine economic growth with a clear focus on improving the sustainability of its business.

About us

Coveris is a leading European packaging company specialising in high-performance flexible and paper packaging solutions. Serving some of the world’s most recognised brands, Coveris protects a diverse range of products, including food, pet food, medical supplies, industrial, and agricultural goods. Committed to innovation and sustainability, Coveris continuously develops attractive and environmentally responsible packaging in line with its No Waste vision. Strengthening this commitment, Coveris recently established ReCover, a dedicated business unit focused on waste procurement, processing, and plastics recycling, effectively closing the loop on plastic sustainability. With corporate office in Vienna, Coveris operates 28 sites across the EMEA region, employing 4,000 people.

www.coveris.com

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Kontakt

Coveris EN
Coveris Management GmbH
Barbara Sternig
+43 1 2058 122-19
Barbara.Sternig@coveris.com


Grayling Austria GmbH
Moritz Arnold, Berith Hagvaag
+43 1 524 43 00-0
coveris@grayling.com