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SNC-Lavalin extends its corporate credit facilities and incorporates a sustainability-linked framework that further advances its ESG strategy
SNC-Lavalin extends its corporate credit facilities and incorporates a sustainability-lin...
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[{"type":"text","content":"\n \n \n \n SNC-Lavalin extends its corporate credit facilities and incorporates a sustainability-linked framework that further advances its ESG strategy\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n MONTREAL\n \n \n ,\n \n \n May 16, 2022\n \n \n /CNW Telbec/ - SNC-Lavalin (TSX: SNC), a fully integrated professional services and project management company with offices around the world, today announces the closing of an agreement with its lenders to replace and extend its existing syndicated credit facilities. The replacement will result in reduced overall borrowing costs, with potential further reductions contingent upon SNC-Lavalin's achievement of certain environmental, social and governance (ESG) targets. 100% of the savings realized because of the Company's ESG results will be directed towards initiatives that further advance the Company's ESG strategy.\n \n \n Pursuant to the agreement and upon closing, the revolving credit facility (the \"Revolving Credit Facility\"), is reduced from\n \n $2.6 billion\n \n to\n \n $2.0 billion\n \n and available for cash draws and issuances of letters of credit. The Revolving Credit Facility will be further reduced to\n \n $1.8 billion\n \n in\n \n April 2023\n \n . The term loan (the \"Term Loan\", and together with the Revolving Credit Facility, the \"Credit Facilities\") is unchanged at\n \n $500 million\n \n . The Credit Facilities have a maturity date of\n \n May 2025\n \n .\n \n \n The Credit Facilities are being structured to incorporate a sustainability-linked loan framework, to align with SNC-Lavalin's leading ESG initiatives and resulting in borrowing savings upon achievement of certain sustainability performance targets. The relevant targets are aligned with the enhanced targets from our latest Sustainability Report:\n \n Our Vision for Engineering a Sustainable Society\n \n . These targets will be based on the achievement of:\n \n \n \n Reducing greenhouse gases emissions (including Scope 1, 2 and 3) by 60% by 2025, using 2019 as a baseline year\n \n \n Increasing diver...