Evoqua Water Technologies, a provider of mission-critical water treatment solutions, activated the sustainability-linked adjustment feature available under its $350 million revolving credit facility as part of the company’s continued commitment to integrating sustainability performance into its business strategy.
Evoqua initially announced the refinancing of the company’s credit facilities last year. The related credit agreement, which was executed on April 1, 2021, includes potential interest rate adjustments of five basis points, downward or upward, determined annually based on the company’s overall management score as a part of Sustainalytics’ ESG Risk Rating. The initial rate reduction will become effective March 1. Sustainalytics is a Morningstar company and a leading global provider of environmental, social, and governance research and ratings.
“We are pleased to reap the benefits of our continued efforts to integrate sustainability across our operations through this sustainability-linked financing program,” Ron Keating, CEO of Evoqua, said. “Sustainability-linked financing forms a critical part of our broader sustainability strategy and demonstrates our commitment to making a positive impact.”
The revolving credit facility was entered into with a syndicate of lenders arranged by JP Morgan Chase and includes BNP Paribas (Bank of the West), Citizens Financial Group, JPMorgan Chase, PNC Financial Services Group, The Bank of Montreal, Credit Suisse Group, Royal Bank of Canada, The Goldman Sachs Group, ING Bank, MUFG Union Bank, with sustainability coordinator, ING Bank.
