Eastman Chemical Company amended and extended its five-year, $1.5 billion unsecured revolving credit facility. The amendments include the extension of the term of the existing $1.5 billion unsecured revolving credit agreement that was scheduled to expire in October of 2023 and the addition of sustainability-linked pricing terms.

The term of the credit agreement was extended to Dec. 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: reducing greenhouse gas emissions, plastic waste recycling and increasing the percentage of women in professional or managerial roles.

“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,” Willie McLain, senior vice president and CFO at Eastman Chemical Company, said,

The amended credit agreement was entered into with 15 banks, led by Citibank as administrative agent, joint lead arranger and co-sustainability agent. Other joint lead arrangers on this transaction are BofA Securities, JPMorgan Chase Bank and Mizuho Bank, which also serves as the co-sustainability agent. Syndication agents are Bank of America, JPMorgan Chase Bank and Mizuho Bank. Document agents are Barclays Bank, Morgan Stanley Bank, Truist Bank and Wells Fargo Bank.