Wendel integrates ESG targets into the financial terms of its undrawn €750 million syndicated credit facility

PRESS RELEASE – 03.31.2021

Wendel integrates ESG targets into the financial terms of its undrawn €750 million syndicated credit facility

Wendel has signed an amendment to its undrawn €750 million syndicated credit facility maturing in October 2024 in order to integrate Environmental, Social and Governance (ESG) criteria. Measurable aspects of the non-financial performance of Wendel and the companies in its portfolio will henceforth be taken into account in the calculation of the financing cost of this syndicated credit. They are in line with certain quantitative ESG targets the Group has set in its ESG 2023 roadmap.

The three non-financial criteria selected to be integrated into the calculation of the syndicated credit’s financing cost are as follows:

• ESG due diligence must systematically be carried out on new investments directly made by Wendel, and the controlled companies in its portfolio must implement an ESG roadmap;
• the main climate risks and carbon footprint associated with each controlled portfolio company must be evaluated and action plans developed;
• at least 30% of Wendel Group representatives on the boards of directors of portfolio companies and of certain Group holdings must be women, by end of 2023.

These criteria will be evaluated annually by an independent third-party and will give rise to adjustments to the margin of the facility.

This operation is fully in line with the ESG strategy that Wendel communicated in the first quarter of 2020, which notably includes an ambitious roadmap between now and 2023 for Wendel and its companies. This strategy reflects two objectives: position Wendel as a leader among investment companies in sustainable development, and encourage the companies in our portfolio to be both exceptional and exemplary. Wendel is currently the only French company in the Diversified Financials sector that is present in the DJSI World and Europe indices, alongside the world’s best-performing companies in terms of sustainable development.

Jérôme Michiels, Executive Vice-President and CFO, said: “By integrating ESG criteria into our syndicated credit line, we are demonstrating our determination to align financial and non-financial performance, which we think is crucial for creating lasting value for all stakeholders. With the help of our eight relationship banks, we are bringing the non-financial performance of Wendel and its portfolio companies into the equation via representative and measurable criteria.”

Agenda

04.28.2021

Q1 2021 Trading update - Publication of NAV as of March 31, 2021 (pre-market release)

06.29.2021

Annual General Meeting

07.29.2021

H1 2021 results - Publication of NAV as of June 30, 2021, and condensed Half-Year consolidated financial statements (pre-market release)

10.28.2021

Q3 2021 Trading update - Presentation of NAV as of September 30, 2021 (pre-market release)

12.02.2021

2021 Investor Day - Meeting to take place in the morning

About Wendel

Wendel is one of Europe's leading listed investment firms. The Group invests in Europe, North America and Africa in companies which are leaders in their field, such as Bureau Veritas, Cromology, Stahl, IHS, Constantia Flexibles, and Crisis Prevention Institute. Wendel plays an active role as a controlling or significant shareholder in these companies. We implement long-term development strategies, which involve boosting growth and margins of companies so as to enhance their leading market positions.

Wendel is listed on Eurolist by Euronext Paris.

Standard & Poor’s ratings: Long-term: BBB, stable outlook – Short-term: A-2 since January 25, 2019

Moody’s ratings: Long-term: Baa2, stable outlook – Short-term: P-2 since September 5, 2018

Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of “Grand Mécène de la Culture” in 2012.

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