CIE Automotive has completed the novation of its 690 million euros syndicated loan. One of the main goals of the novation was to make this reference funding sustainable. Therefore, annually and according to the score awarded by an independent consultancy, the Group will adjust its financial cost to the evolution of its sustainability parameters.
The independent company in charge of verifying CIE Automotive's ASG rating will be Vigeo Eiris, one of the market's leading providers of sustainable information and analysis. In each fiscal year, Vigeo Eiris will thoroughly review CIE Automotive's performance in a series of corporate social responsibility criteria that include, among many others, environmental strategy, composition of its workforce, non-discrimination and diversity, health and safety at work, professional development of employees, respect for human rights, adherence to social standards in the supply chain, transparency, internal controls, etc.
The sustainability co-agents of this syndicated financing are Banco Santander and UniCredit, two entities strongly committed to sustainable development and which also act as bookrunners of the financing, which has the participation of eight other prestigious national and international entities.
The introduction of ESG criteria in the financial area is aligned with the company's sustainable strategy and is further proof of its commitment to environmental, social and governance matters. CIE Automotive has been a signatory since October 2015 of the United Nations Global Compact for Sustainable Development, currently participating actively in the fulfillment of 8 of the 17 goals of the 2030 Agenda.
According to Jesús María Herrera, CEO of CIE Automotive, “by linking the cost of one of our main financing channels to environmental, social and governance criteria, we reinforce our business model clearly focused on creating value and growth through long-term, compatible with the United Nations Sustainable Development Goals. Thanks to this operation, CIE Automotive is once again a pioneer in the sector, staying at the forefront of sustainability innovation and awareness."
About CIE Automotive
CIE Automotive is a global supplier of components for the automotive market based in Bilbao. The group's business model is based on the diversification of technologies, clients and geographies, giving it a unique positioning that makes it capable of supplying a wide variety of products to various clients located in the main world markets. The group has 112 production plants in 16 countries and employs more than 24,000 people. CIE Automotive is a member of the internationally prestigious sustainability index FTSE4Good®.