CaixaBank, the only Spanish bank participating in the Ferrovie dello Stato Italiane S.p.A’s new €3.5 billion sustainability linked revolving credit facility

Sustainable finance

CaixaBank is the only Spanish bank participating in the Ferrovie dello Stato Italiane S.p.A. (FS)’s new committed and revolving credit facility signed with a syndicate of nine banks and financial institutions for a total amount of up to €3.5 billion with a three-year term.

To date, this facility agreement represents the largest financial transaction ever signed by FS in terms of size.

The credit line, signed by FS with Banca Popolare di Sondrio, BNL-BNP Paribas, BPER, CaixaBank, Cassa Depositi e Prestiti, Crédit Agricole CIB, ING, Intesa Sanpaolo - Divisione IMI/CIB and UniCredit, is a Sustainability Linked product, thanks to the contractual provision of mechanisms for revising the margin and commitment fee upon the achievement of targets related to three Key Performance Indicators (KPIs) testifying the FS Group's strong commitment to ESG issues.

The KPIs relate to (i) the percentage of capex aligned with the EU taxonomy; (ii) energy intensity set out as the ratio of energy consumption to the FS Group's operating revenues; and (iii) the increase in the percentage of female employees compared to the total number of employees.

The participation of CaixaBank in this transaction has strengthened the relationship between the bank and FS.

Since 2021, when CaixaBank signed in a syndicate with other banks the previous revolving credit facility of FS, three more bilateral loans have been signed for a total amount of €400 million. CaixaBank is also a dealer of the €12bn EMTN Programme of FS.