REG-Renewi plc Renewi plc: Renewi signs €400m Revolving Credit Facility

RenewiAnnouncement

04/08/2023 08:15

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   Renewi plc (RWI)
   Renewi plc: Renewi signs €400m Revolving Credit Facility

   04-Aug-2023 / 08:13 GMT/BST

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   4 August 2023

                                        

                                   Renewi plc

   (“Renewi”, the “Company” or, together with its subsidiaries, the “Group”)

                                        

                  Renewi signs €400m Revolving Credit Facility

                                        

                                        

   Renewi plc (LSE: RWI), the leading international waste-to-product company,
   is pleased  to  announce the  renewal  of its  Revolving  Credit  Facility
   (“RCF”). The  facility size  remains  unchanged at  €400m  and is  for  an
   initial five-year term to  2028 with two  one-year extension options.  The
   Board remains committed to its long-term leverage target of 2.0x.

    

   Key RCF parameters:

     • The facility remains the same at €400m which maintains around €300m of
       available headroom.
     • Each  of  the  nine  existing   and  new  lenders  offered   increased
       commitments.
     • There is  also  a €150m  accordion  option to  increase  the  facility
       subject to lender approval at the time.
     • The loan  has an  initial five-year  term to  2028 with  two  one-year
       extension options to 2030.
     • Financial covenants remain unchanged and are tested twice a year:

          ◦ 3.50x for the leverage ratio of net debt to EBITDA; and
          ◦ 3.00x for the interest cover ratio of net interest to EBITA.

     • The margin  is adjusted  based  on the  prevailing leverage  ratio  at
       slightly improved levels.

    

   Green and sustainability linked finance:

     • Renewi continues to be entirely  Green financed, based on the  Group’s
       Green Finance Framework ( 1 link),  as reviewed by  S&P as the  second
       party opinion provider ( 2 link). 
     • Pricing is  also linked  to positive  outcomes against  the  Company’s
       three key themes:

         1. Enable the Circular Economy: improve the recycling rate towards
            our Mission 75 objective.
         2. Reduce Carbon Emissions: reduce scope 1 & 2 carbon emissions
            consistent with SBTi.
         3. Care for People: to further reduce the lost time injuries rate.

     • In addition to  the RCF facility,  the Group has  €305m of fixed  rate
       bonds, EUPPs, and the EIB facility.

    

   Adam  Richford,  Head  of  Treasury  and  Investor  Relations  at   Renewi
   commented: “We are delighted  to announce our green  sustainability-linked
   Revolving Credit  Facility, as  well as  the commitment  displayed by  our
   existing and new  lenders to support  Renewi over the  next five to  seven
   years.  The  recognition   and  appreciation   of  Renewi’s   role  as   a
   sustainability pioneer in the  banking market supports  us to continue  to
   invest in  innovative recycling  techniques  to recover  further  valuable
   materials for reuse, and to avoid carbon emissions.

    

   “We would also like to thank all  those involved for their support; BNP  &
   ING as  BMLA  lenders and  sustainability  coordinators; NatWest  as  BMLA
   lender and documentation coordinator; ABN & KBC as BMLA lenders; and BBVA,
   CIC, and LBBW as MLA lenders. In addition, the legal teams at Ashurst  and
   A&O for their long-standing advice to the company and lenders respectively
   and Rothschild & Co for their continued support to the company.”

    

    

                                      ENDS

    

   For further information, please contact:

                               
   Paternoster Communications Renewi plc

   +44 20 3012 0241           +44 7976 321 540
   Tom Buchanan               Adam Richford, Head of Investor Relations

    

    

   About Renewi

    

   Renewi is a pure-play recycling company  with a focus on extracting  value
   from waste and used materials rather than disposal through incineration or
   landfill. The company also plays a key role in limiting resource  scarcity
   through the creation  of secondary  materials, and by  so doing  addresses
   both social and regulatory trends  and contributes to creating a  cleaner,
   greener world.

    

   Renewi’s vision  is to  be  the leading  waste-to-product company  in  the
   world’s  most  advanced  circular  economies.  With  an  industry  leading
   recycling rate  of 64%,  Renewi puts  7m tonnes  of low  carbon  secondary
   materials back into reuse. This  is a significant contribution to  climate
   change mitigation and the circular economy. Our recycling protects  virgin
   resources and avoids emissions of more than 2.5 million tonnes of CO2.

    

   Renewi, which draws on innovation and the latest technology to turn  waste
   into useful materials  - paper,  metals, plastics,  glass, wood,  building
   materials, compost and water - employs  over 6,500 people who work on  154
   operating sites  in  5 countries  across  Europe  and the  UK.  Renewi  is
   recognised as a market leader in Benelux and a European leader in advanced
   recycling.

    

   Visit our website for more information:  3 www.renewi.com.

    

    

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   The issuer is solely responsible for the content of this announcement.

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   ISIN:           GB00BNR4T868
   Category Code:  MSCH
   TIDM:           RWI
   LEI Code:       213800CNEIDZBL17KU22
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   262310
   EQS News ID:    1695969


    
   End of Announcement EQS News Service

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