Sustainability
Sandvik signs SEK 11 billion sustainability-linked revolving credit facility
The facility has a five-year tenor with two one-year extension options, and will be used for general corporate purposes and to refinance the existing SEK 9 billion credit facility
- By ICN Bureau
| June 15, 2022
Sandvik has signed a SEK 11 billion revolving credit facility linked to its sustainability targets, with a group of 14 banks. The facility has a five-year tenor with two one-year extension options, and will be used for general corporate purposes and to refinance the existing SEK 9 billion credit facility.
The new credit facility has a clear link to Sandvik’s sustainability targets for 2030 with regards to the ambitions to reduce carbon emissions by 50% and increase waste circularity to 90%. The annual KPIs are aligned with those goals and the interest margin on the facility is affected positively or negatively depending on whether the KPI levels are met.
“Sustainability is a fundamental part of our strategy and the way we do business, and this new credit facility is an important step as we work to further integrate sustainability across our operations. It is also a testament of our commitment to our ambitious sustainability targets,” says Mats W Lundberg, Head of Sustainability at Sandvik.
SEB, Citibank and Handelsbanken acted as coordinating Mandated Lead Arrangers and Bookrunners. Citibank was the Documentation Agent for the facility, SEB the Sustainability Coordinator and Handelsbanken the Facility Agent.
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