Sulo in €410 Million Sustainability-Linked Financing

Cleary Gottlieb represented Sulo in a €410 million sustainability-linked senior facilities agreement, entered into on May 21, 2024.

The financing consists in a €350 million term loan facility B and a €60 million revolving credit facility secured by a multijurisdictional security package.

The proceeds of the term loan facility B will be used toward, in particular, the refinancing of the existing financial indebtedness, whereas the proceeds of the revolving credit facility will be used toward the financing or the refinancing of the general corporate or working capital purposes of the Sulo group.

The margin applicable to the financing will be adjusted according to various KPIs including Co2 emissions, health, and safety as well as recycled plastics scores.

Crédit Agricole Corporate and Investment Bank, Société Générale, UniCrédit Bank GmbH (formerly known as UniCrédit Bank AG) acted as arrangers and sustainability coordinators; Crédit Agricole Corporate and Investment Bank acted as agent; and Crédit Agricole Corporate and Investment acted as security agent.

The closing occurred on June 11, 2024.

Sulo carries a long tradition of rethinking the collection, separation, and recycling industry with roots in France, Germany, Sweden, and the Netherlands.

Sulo is the European leader in recycling plastic and smart waste solutions with 150 million installed systems all over the world.