Railways of the Italian State has stipulated one new committed credit line e revolving with a union composed of nine banks. This is the largest financial operation ever carried out by FS, explains a note, designed to support its financial needs for the next three years.
The loan has been structured as a “Sustainability Linked” product, meaning that the interest rate and other costs will depend on whether specific objectives related to sustainability. These objectives include compliance with the European Union taxonomy for investments, energy efficiency and increasing the percentage of women in the company workforce.
The banks
The agreement was concluded with a syndicate of nine leading financial institutions, including Banca Popolare di Sondrio, Bnl-Bnp Paribas, Bper, CaixaBank, Cassa Depositi e Prestiti, Crédit Agricole Cib, Ing, Understanding St. Paul – Imi/Cib Division e Unicredit. This selection took place after a competitive process race among banks, aimed at guaranteeing the best liquidity solution for Ferrovie dello Stato Italiane by the first half of 2024.
The operation was led by Bnp Paribas, Bper, CaixaBank, Cdp, Crédit Agricole Cib, Intesa Sanpaolo – Imi/Cib Division and Unicredit as “underwriters & mandated lead arrangers”. Banca Popolare di Sondrio and ING acted as "co-lead managers", while Intesa Sanpaolo played the role of "Agent Bank". Furthermore, Bnp Paribas, Crédit Agricole Cib, Intesa Sanpaolo – Imi/Cib Division and Unicredit collaborated as "Sustainability Coordinators", emphasizing Ferrovie dello Stato Italiane's commitment to sustainability.