Millicom International Cellular entered into a five-year, $600 million ESG-linked revolving credit facility with a syndicate of 11 commercial banks. The facility is among the first commercial bank facilities in Latin America to incorporate sustainability-linked pricing, according to the company
The facility includes provisions that incentivize Millicom and certain of its operating subsidiaries in Latin America to meet predetermined sustainability targets. The sustainability targets set forth in the facility include reducing Millicom’s environmental footprint through customer premises equipment recovery, training suppliers on Millicom’s core values and CR practices such as health and safety, anti-corruption, compliance, human rights, eco-efficiency and more.
The facility will be used to refinance Millicom’s existing multi-currency revolving credit facility and for general corporate purposes.
The Bank of Nova Scotia and BGL BNP Paribas acted as joint bookrunners and joint mandated lead arrangers. BNP Paribas acted as documentation agent and DNB Bank ASA acted as ESG coordinator. The Bank of Nova Scotia also acted as administrative agent.