French property group Icade has signed a five-year €150m (US$168.7m) solidarity-based revolving credit line with Crédit Agricole CIB and Crédit Agricole d’Ile-de-France.
The facility includes a mechanism by which both banks waive part of their remuneration. These funds will be matched by Icade and will be allocated to research on Covid-19 vaccines carried out by Institut Pasteur.
Over the term of the credit line, Institut Pasteur will first receive up to €300,000 from Icade to support Covid-19 research programmes, in particular those relating to candidate vaccines.
Icade said that this new funding brings its secured credit lines to more than €2bn and strengthens its liquidity position.
In October last year, Icade Santé, the group’s healthcare arm, printed a debut €500m benchmark bond.