Clifford Chance advised CaixaBank as an agent and a syndicate of Spanish and international financial institutions as lenders in the Five-year extension of Cepsa’s 2 billion euro multi-currency revolving credit lineand in modifying funding to link them to key environmental and social indicators.
The price of the loan is linked to specific reductions in Cepsa’s carbon emissions and carbon intensity index of sales of energy products, as well as a gender diversity target for Cepsa’s leadership positions. As part of the sustainability mechanism, Cepsa and its lenders they have undertaken to donate sums equivalent to any
price adjustment to the Cepsa Foundation and to other foundations or non-profit organizations selected by lenders.
The Union of Lenders included BBVA, Banco Santander, Bank of China, Bank of America, Barclays, BNP Paribas, CaixaBank, Citi, Commerzbank, First Abu Dhabi Bank, Intesa Sanpaolo, HSBC, Mizuho, MUFG, Natixis, SMBC, Société Générale and UniCredit .
The global financial markets team at Chance of Clifford was led by the partner Epiphany Perezwho worked on aspects of English law with the associate James Rodier.
Epifanio Pérez (Photo: Clifford Chance)
James Rodier (Photo: Clifford Chance)
