International-Matex Tank Terminals (IMTT), a company involved in the handling and storage of bulk liquid products, especially energy transition fuels, feedstocks and petrochemicals, and ITT Holdings issued an inaugural sustainability-linked term loan B under its recently developed sustainability-linked issuance framework. This issuance is further to IMTT’s sustainability-linked loan issued in July 2023 and represents continued alignment of the company’s financing to its sustainability strategy. The key performance indicators in the term loan are in adherence to the framework and reflect pricing adjustment of up to 7.5bps depending on IMTT’s performance relative to annual targets over the tenor of the facility.
The term loan will refinance the company’s existing TLB and provide additional liquidity and tenor for purposes of funding additional growth capital expenditures related to projects that support the energy transition and are aligned with IMTT’s Greener and Cleaner strategy.
“As we execute our strategy to reshape our portfolio through deployment of capital for new projects supporting the energy transition, the continued support from our lenders allows us to achieve the necessary scale to support these projects. We are investing in projects underpinned by long-term contracts with investment grade counterparties which results in the improvement of our quality of earnings,” Carlin Conner, chairman and CEO of IMTT, said. “Additionally, as we execute this strategy, we remain committed to creating opportunities for vendors and suppliers that are capable, experienced and share our ESG goals.”
CIBC Capital Markets acted as sole sustainability structuring agent for the framework.
