Service provider Sodexo has renewed its 鈧1.3 billion revolving credit facility (RCF) which now incorporates a pricing adjustment based on Sodexo鈥檚 performance towards its goal to prevent 50% of the food waste and food losses from its operations by 2025.
At the Champions 12.3 annual event held聽Denis Machuel, Sodexo鈥檚 Chief Executive Officer, reiterated the company鈥檚 intention to be transparent and held financially accountable for its action on food waste.
鈥1.3 billion metric tonnes of food 鈥 a third of the food produced annually 鈥 is wasted or lost globally. This is unacceptable both from an environmental and a business perspective. Together with our suppliers, clients and consumers, we will do our part by preventing 50% of the 117 thousand metric tonnes of food wasted or lost annually within our collective reach.鈥澛爏aid Denis Machuel, Chief Executive Officer, Sodexo.聽鈥淲e want to send a clear signal to all our stakeholders that as a company who strives to improve quality of life, Sodexo is accountable at all levels, including in its financing, for preventing food waste from farm to fork.鈥
On May 15, 2019, Sodexo announced the deployment of its data-driven food waste prevention program, WasteWatch, at 3,000 sites worldwide within a year, with the objective to deploy the program to all relevant Sodexo sites by 2025.
The WasteWatch powered by Leanpath Program prevents on average 50% of food wasted. Sodexo鈥檚 food waste reduction performance will be assessed, using the data collected through the program, and third-party audited against a global benchmark set in collaboration with Leanpath.
The new facility has a five-year tenor with two one-year extension. It replaces the 鈧1.2bn facility signed in July 2015. This facility will reinforce Sodexo鈥檚 liquidity and increase the average maturity of its financial resources.
The RCF is provided by the following 9 banks: BNP Paribas as Coordinator, documentation and sustainability Agent, Soci茅t茅 G茅n茅rale as Coordinator and facility Agent, Banco Santander, Citibank,CM-CIC, HSBC, ING, Natixis and Wells Fargo as Mandated Lead Arrangers.
Sodexo operates in 72 countries, serving 100 million consumers each day through its combination of On-site Services, Benefits and Rewards Services and Personal and Home Services.
Sodexo provides services from foodservices, reception, maintenance and cleaning, to facilities and equipment management; from services and programs fostering employees鈥 engagement to solutions that simplify and optimize their mobility and expenses management, to in-home assistance, child care centers and concierge services.
Sodexo is included in the CAC 40, FTSE 4 Good and DJSI indices.
