Maersk secured a new sustainability-linked revolving credit facility of $5 billion through a syndicate of 26 selected banks.
This is the first bank refinancing arranged by Maersk after its transformation from a diversified conglomerate to a global container logistics company.
The facility refinances the undrawn $5.1 billion facility maturing in 2021 and has a tenor of five years which may be extended by up to two years. It will be part of the company’s liquidity reserve.
“We have received strong support from our global relationship banks. The facility was substantially oversubscribed, and we are pleased with the terms and conditions of the new facility. With the new facility we have extended the maturity profile of our finance commitments, while aligning with our sustainability ones,” said Henriette Hallberg Thygesen, CEO of Fleet & Strategic Brands.
The credit margin under the facility will be adjusted based on Maersk’s progress to meet its target of reducing CO2 emissions per cargo moved by 60% by 2030, which is significantly more ambitious than the IMO target of 40% by 2030 (all 2008 baseline).
“We are determined to reach our ultimate target of becoming fully carbon neutral by 2050, and this agreement serves as another enabler for us to deliver on that ambition. Given the lifespan of our fleet, we need to find new and sustainable solutions to propel our vessels within the next 10 years. To realize this ambitious commitment, we are partnering with researchers, regulators, technology developers, customers, energy providers – and now banks,” explains Thygesen.
Banco Santander London Branch, Bank of America Merrill Lynch, Barclays Bank, BNP Paribas, Citibank London, Commerzbank Aktiengesellschaft, Crédit Agricole Corporate and Investment Bank, Danske Bank, Deutsche Bank, Handelsbanken, HSBC France, MUFG, Nordea, SEB and Standard Chartered Bank, joined as mandated lead arrangers.
Banco Bilbao Vizcaya Argentaria London branch, DNB Bank, Industrial and Commercial Bank of China (Europe), Brussels branch, ING Bank, J.P. Morgan Securities, Mizuho Bank, Morgan Stanley Bank International, Natwest Markets, Sumitomo Mitsui Banking, Société Générale and the Standard Bank of South Africa joined as lead arrangers.
Crédit Agricole and SEB acted as sustainability coordinators. MUFG acted as documentation agent and BNP Paribas as facility agent.