21 September 2026
Signing of a new €700 million revolving credit facility maturing in 2031
Paris, 21 September 2026: following the success of its €500 million senior bonds offering completed on 8 September, Clariane (CLARI.PA - ISIN FR0010386334) announces today the signing of an unsecured and unguaranteed €700 million revolving credit facility, which replaces its existing syndicated revolving credit facility.
This new revolving credit facility has a five-year maturity and includes an accordion option allowing the facility amount to be increased up to €900 million. The credit facility may be used to finance Clariane's general purposes, including capital expenditure and the refinancing of the Group's existing financial indebtedness, excluding hybrid debt.
Utilisations under this new revolving credit facility bear interest at a floating rate equal to EURIBOR plus a margin between 1.75% and 3.50%. The applicable margin will be determined based on the group's total net leverage ratio1 (being the ratio of the group's consolidated net debt to the group's consolidated EBITDA, excluding IFRS 16 liabilities), with a complementary ESG-linked margin adjustment mechanism (margin reduction or increase events) of up to 6 basis points per annum, based on performance against three agreed key performance indicators2-
The financial covenant under this new revolving credit facility is limited to the total net leverage ratio of the group, tested semi-annually, which must not exceed 7.00x until June 20273, with a progressive step-down to 6.75x (in December 2027), 6.50x (in June 2028), 6.25x (in December 2028) and 6.00x from June 2029 onwards. No liquidity maintenance covenant applies under this new revolving credit facility.
The revolving credit facility also contains customary distribution restrictions, including a limitation on annual dividend distributions to 7% of Clariane's market capitalisation, subject to the consolidated net leverage ratio of the group not exceeding 4.5x.
1 As per the same "Wholeco" leverage definition as set out in the existing financing documentation.
2 The ESG key performance indicators provided for in the new revolving credit facility are: the number of employees enrolled in a qualifying training program (KPI 1), the lost-time injury frequency rate (KPI 2), the percentage of facilities certified ISO 9001 (KPI 3).
3 At 30 June 2026, "Wholeco" leverage stood at 4.9x. Pro forma for the redemption of the ODIRNANE, Wholeco leverage would have stood at 5.4x
