Galletas Siro, S.A. achieves sustainable financing of €240M through Rabobank and Santander | Grupo Siro
Galletas Siro, S.A., a manufacturer of cereal-based food products and an integrated supplier of Mercadona, has closed a sustainable syndicated financing deal for €240M.
Galletas Siro reached the sustainable financing deal after demonstrating a sound social responsibility policy and a commitment to the circular economy with practices that go far beyond the legal requirements.
The 5-year syndicated financing is backed by Rabobank and Banco Santander, and has allowed Siro to increase the flexibility of the terms governing its current financing. Rabobank acted as the sustainability agent, while CaixaBank, Banco Sabadell, Bankia, ICO, Liberbank, Caja Rural de Zamora and ABANCA were also involved in the operation.
The family business of Spanish origin specialised in the manufacture of cereal-based products including biscuits, breakfast cereals, pastries, bread and pasta ended 2017 with a turnover of €494M and over 3,000 employees.
Under the terms of the sustainable financing deal, Siro undertakes to renew the zero waste to landfill certification at all its factories and to maintain a workforce with at least 10% made up by people with disabilities for as long as the sustainable loan is in place, among other things.
Juan Manuel González Serna, Chairman of Grupo Siro, said that “this sustainable financing allows us to continue generating trust among our stakeholders, including the investor community, and is the result of our work and commitment to society”.
“By guaranteeing this financing as sustainable, financial entities have demonstrated their support for our growth plans and our sustainability practices”.
Jeremy Perl, Capital Markets Manager at Rabobank London, said that “Grupo Siro is one of the European companies with the broadest future outlook in the food industry. Its focus on social and environmental responsibility has allowed us to achieve this sustainable financing. This result not only recognises the business for its best practices today but also incentivises them to surpass their current metrics”.
Antonio Garcia Mendez, Global Debt Financing Manager for Iberia at Santander Corporate & Investment Banking, added that “the long-term relationship between Banco Santander and Galletas Siro has been key in leading the new sustainable syndicated financing of 240 million euros that will allow the group to develop its business plan. Banco Santander is proud to be supporting Grupo Siro in this new period and shares its commitment to building a more sustainable future”.