IMAP is pleased to announce that Degroof Petercam – IMAP France has advised Cristal Union on its €1.01 billion debt refinancing.
Cristal Union is a major French cooperative group (9,000+ members, c.2,600 employees, and 13 industrial sites) specialized in the transformation of sugar beets into sugar (4th largest European producer), bioethanol (3rd largest European bioethanol producer), alcohols and other value-added products. In the FY 2020/21, it reported €1.7 billion in sales and over €200 million of EBITDA.
With this transaction, the Group strengthens its liquidity and duration of debt, increasing total debt to €1.01 billion, with new lenders joining longstanding members of the historical banking pool. The new financing was split as follows: a €950 million syndicated loan and €60 million in subordinated loans.
In view of the European Green Deal and committed for more than 10 years to CSR (Corporate Social Responsibility), Cristal Union seized the opportunity of this refinancing to secure the financing of its decarbonization objectives. The facilities include margins adjustments linked to 3 Environmental, Social, and Governance (ESG) performance criteria: Reduction of greenhouse gas emissions, reduction of volume of water used and bio sown areas.
The Degroof Petercam – IMAP France team focused on DCM acted as exclusive financial advisor to Cristal Union on this operation. The transaction is another example of Degroof Petercam’s strong Debt Advisory practice, as illustrated by its 2021 ranking by Dealogic as the second most active player for debt private placements in the EMEA region.