By: ICN Bureau
Last updated : December 05, 2021 5:28 pm
The amended Credit Agreement was entered into with 15 banks led by Citibank as administrative agent.
Eastman Chemical Company announced amendments to and extension of its $1.5 billion five-year unsecured revolving credit facility. The amendments include extension of the term of the existing $1.5 billion unsecured revolving credit agreement that was scheduled to expire in October of 2023 and addition of sustainability-linked pricing terms.
The term of the Credit Agreement is extended to December 3, 2026, with provisions to extend the maturity by up to two more years and to increase available borrowings to $2 billion. In addition to the company’s credit ratings, fees for the Credit Agreement will be based on Eastman performance in three sustainability-linked areas -- reduction in greenhouse gas emissions, plastic waste recycling, and increased percent of women in professional or managerial roles.
Willie McLain, Senior Vice President and CFO, said, “Linking our revolving credit facility to our sustainability objectives supports our drive to create a sustainable and inclusive environment that holistically addresses climate change and the plastic waste crisis.”
The amended Credit Agreement was entered into with 15 banks, led by Citibank as administrative agent, joint lead arranger and co-sustainability agent.