Revolving credit facility extended by Riwal
13 July 2023
Netherlands-based aerial work platform rental specialist Riwal has extended its €300 million revolving credit facility for another two years.
The facility was taken out in 2018 and involves five Dutch and international banks, ABN AMRO, Commerzbank, Deutsche Bank, ING and Rabobank.
According to the company, the interest on the facility will depend on its annual sustainability perfomance, including the number of sustainable products it offers, solid waste reduction, achieving the Platinum Ecovadis score and reducing its carbon footprint.
Based on these criteria, the interest will either be discounted or a premium may be applied.
René Timmers, CEO, Riwal, said, “We are proud to be a front-runner on sustainability in this industry. At Riwal, we preserve what matters. Our continued effort to align our sustainability ambitions and targets with the extended Revolving Credit Facility underlines this commitment.
“This extension improves our debt maturity profile and the commitment from our core banks truly reflects confidence in our business model, of which reaching our sustainable goals is an essential element. Sustainability is fully integrated in our business strategy and daily operations and can now be valued as such.”
Riwal says the facility, which will now last until 2025, was initially taken out for “general corporate purposes” and to allow flexibility to fund further sustainable business growth. Riwal also confirmed it has extended its accordion feature of €75 million for potential acquisitions in the future.