Maple Leaf Foods Inc. has become the first company in Canada to secure sustainability-linked terms for its credit facilities. The Company today signed an amendment to its existing credit facilities to include financing terms that reduce the interest rate on the lending facility as key sustainability targets are met.
These amendments reflect Maple Leaf's goal to create compelling business value through advancing its vision to be the most sustainable protein company on earth. With sustainability core to its business strategy, the Company recently announced that it had become world's first major carbon neutral food company and one of three animal protein companies in the world to set the globally-respected Science-Based Targets for emissions reduction.
"We are proud to be the first major food company in the world to be carbon neutral, and excited to be the first Canadian company to secure financing terms that rewards our commitment to dramatically reduce our environmental footprint," said Michael McCain, President and CEO of Maple Leaf Foods."
BMO Capital Markets is Sole Bookrunner on the credit facilities and acted as a Sustainability Structuring Agent, working with Maple Leaf Foods to integrate the sustainability targets into the credit facilities. The Co-Lead Arrangers are BMO Capital Markets, Scotiabank, RBC, CIBC, and Rabobank Canada. Four additional lenders participated: Bank of America, JP Morgan Chase, National Bank Financial, and Toronto Dominion Bank.
The credit facilities consist of an unsecured committed revolving line of credit and two unsecured committed term facilities totaling $2 billion in funding for a period ranging from 2019 to 2024.