Slaughter and May advised Whitbread Group on the issuance of a dual tranche Green Bond of an aggregate amount of £550m and on the amendment and extension of its £950m revolving credit facility

Slaughter and May advised Whitbread Group plc (“Whitbread”) on the issue of £300m 2.375% Green Bonds due May 2027 and £250m 3.000% Green Bonds due May 2031. An amount equal to the net proceeds of the bonds will be used to finance or refinance eligible green projects, as set out in Whitbread’s newly established Green Bond Framework.

In addition, Slaughter and May advised Whitbread on the negotiation with its relationship banks in connection with its £950m revolving credit facility, pursuant to which a 12-month extension to the final maturity date was obtained (to September 2023) with the total commitments stepping down to £850m at 29 December 2021 and £725m at 7 September 2022. As part of this agreement, the covenant waiver period has also been extended by 12 months such that the financial covenants will not be tested until March 2023, at which point they shall be tested at revised levels.