Press release
Trimble Underscores Commitment to Sustainability with New Five-Year, $1.25 Billion Revolving Credit Facility
SUNNYVALE, Calif., March 31, 2022 /PRNewswire/ -- Trimble (NASDAQ: TRMB) announced today that it has entered into a new five-year, $1.25 billion revolving
About this update from Trimble Inc.
[{"type":"text","content":"SUNNYVALE, Calif., March 31, 2022 /PRNewswire/ -- Trimble (NASDAQ: TRMB) announced today that it has entered into a new five-year, $1.25 billion revolving credit facility. This facility links two of Trimble's sustainability commitments—reducing greenhouse gas emissions and increasing gender diversity with more female representation in the workplace—to its financial liquidity framework and integrates sustainability performance into its business strategy. The new facility replaces Trimble's previous $1.25 billion revolving credit facility established in 2018.\nThe credit facility includes a pricing structure which adjusts Trimble's borrowing cost based on the company's success in the two environmental, social and governance (ESG) performance areas. The facility underscores Trimble's commitment to sustainable business practices and complements its Connect and Scale 2025 strategy, including the opportunity to drive customer sustainability through Trimble solutions.\n\"Sustainability is central to Trimble's purpose to transform the way the world works as well as transform the way 'we' work,\" said Rob Painter, president and CEO, Trimble. \"Today's announcement demonstrates our commitment to tackling climate change and gender diversity in the workplace. We will continue to accelerate Trimble's actions and take significant steps as part of our broader strategy to drive a more sustainable future.\"\n\"We are dedicated to establishing sustainability as a common thread throughout Trimble's daily operations,\" said David Barnes, Trimble's CFO. \"This transaction is an important step forward to integrate ESG performance metrics into our financial liquidity framework to ensure sustainable outcomes and greater accountability to our shareholders.\"\nThe credit facility is provided by a syndicate of banks with Bank of America as Administrative Agent. BofA Securities and TD Securities served as both Joint Lead Arrangers and Sustainability Coordinators with Wells Fargo Securities, Goldman Sachs, and Sumitomo Mitsui Banking Corporation (SMBC) as the other Joint Lead Arrangers.\nTrimble and Sustainability\nTrimble has increased its climate ambitions—both internally with its own carbon footprint and externally through the development of solutions to reduce carbon emissions, energy, and other inputs for customers. The company has submitted its greenh...