The company signed an amendment to its existing credit facilities to include financing terms that reduce the interest rate on the lending facility as key sustainability targets are met.
“We are proud to be the first major food company in the world to be carbon neutral, and excited to be the first Canadian company to secure financing terms that rewards our commitment to dramatically reduce our environmental footprint,” said Michael McCain, president and CEO of Maple Leaf Foods.”
BMO Capital Markets is sole bookrunner on the credit facilities in addition to serving as a sustainability structuring agent, working with Maple Leaf Foods to integrate the sustainability targets into the credit facilities. BMO Capital Markets, Scotiabank, RBC, CIBC and Rabobank Canada are co-lead arrangers. Four additional lenders participated: Bank of America, JPMorgan Chase, National Bank Financial and TD Bank.
The credit facilities consist of an unsecured committed revolving line of credit and two unsecured committed term facilities totaling $2 billion in funding for a period ranging from 2019 to 2024.