Boston, Massachusetts – Cabot Corp. has announced execution of its new $1 billion (€850,000) unsecured revolving credit facility, which is claimed to be among the first sustainability-linked revolving credit agreements in the US chemical industry.
With the transaction, Cabot said 9 Aug, the company has replaced its existing $1 billion unsecured revolving credit agreement that was scheduled to mature in October of 2022.
The pricing for the five-year facility, which matures on 6 Aug 2026, is based upon the Cabot’s credit ratings as well as its performance against annual intensity reduction targets for its sulphur dioxide (SO2) and nitrogen oxide (NOX) emissions.
“We are excited to deepen [our environmental] commitment by being among the first major chemical companies in the US to secure a sustainability-linked facility that rewards our continued efforts in reducing our SO2 and NOX emissions,” said Sean Keohane, president and CEO.
Also commenting, Martin O’Neil, SVP safety, health and environment (SH&E) said Cabot is committed to transparency in its sustainability reporting and disclosures.
“We are proud of the progress we are making in our sustainability initiatives, and we look forward to working with our various stakeholders to achieve our goals.”