Samuel, Son & Co., a metals distributor and industrial products manufacturer, entered into its first sustainability-linked revolving credit facility agreement. BMO Capital Markets served as sustainability structuring agent for the facility.
The arrangement links Samuel’s progress in achieving its environmental sustainability objectives with the facility’s interest costs, as tracked using sustainability key performance indicators, including cumulative reduction in energy consumption and greenhouse gas emission intensity. Progress will be measured and audited annually by an independent third party as part of the company’s ongoing environmental, social and governance commitments.
“Sustainability is a critical part of our strategy, and this unique lending agreement demonstrates our forward-looking commitment to ESG,” Colin Osborne, president and CEO of Samuel, Son & Co., said. “We are embedding ESG commitments across all parts of Samuel and are pleased to be linking our progress with our financial activities. We are grateful to our banking partners, led by BMO Capital Markets as the sustainability structuring agent, who have been so supportive in establishing this new sustainability-linked revolving credit facility, which is among the first of its kind for our industry.”