London–Mayer Brown has advised ING Bank as coordinator, bookrunner and mandated lead arranger, and as documentation agent, on the refinancing of Axpo Holding AG's existing credit lines in a €7 billion sustainability-linked multicurrency loan facility with an international syndicate of more than 30 banks.

The facility refinances two existing committed credit lines of €3 billion each from 2022 and due to strong demand and oversubscription, it increased to €7 billion. It includes a sustainability component, with the interest rate depending on the achievement of targets for expansion of renewable energies, proportion of women in management positions and number of apprentices employed.

The new facility is for a three-year term, with extension and increase options. It can be used flexibly for both bank guarantees and loans and will diversify the company's financing structure and increase its financial flexibility.

The Mayer Brown team was led by Banking & Finance partner Ashley McDermott and included senior associate Clare Betteridge, associate Erica Arcudi and trainee Victoire Sineau.