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Qiagen Enters €400M 'Sustainability-Linked' Credit Facility

NEW YORK – Qiagen said on Thursday that it has concluded a syndicated revolving credit facility for €400 million (about $490 million) with an interest rate linked to the company's environmental, social, and governance performance.

The agreement, which was significantly oversubscribed by 11 banks, will run for three years, and each lender will be able to extend this period by a year twice. It replaces a facility of the same amount that runs until December 2021 and will be used for general corporate purposes including potential acquisitions.

Deutsche Bank and UniCredit Bank are coordinators of the syndicated credit facility, with Deutsche Bank acting as the documentation and facility agent and UniCredit Bank as the sustainability coordinator.

One factor determining the new facility's credit margin will be Qiagen's sustainability rating as assigned by ISS-ESG, the responsible investment arm of Institutional Shareholder Services, which in July 2020 awarded Qiagen its "Prime" rating.

"Our mission to make improvements in life possible includes sustainable business practices," Qiagen CFO Roland Sackers said in a statement. "By linking this new credit facility to our sustainability rating, we are creating a new incentive to further foster and embed sustainability in all business areas. An improved ESG rating triggers interest-margin gains and Qiagen will donate any money saved this way to sustainable causes."