AP Møller-Maersk has secured a new sustainability-linked revolving credit facility of US$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 US$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,” highlights Henriette Hallberg Thygesen, CEO of Fleet & Strategic Brands. “The facility was substantially oversubscribed, and we are pleased with the terms and conditions of the new facility.”
Maersk says the credit margin under the facility will be adjusted based on the company’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).
In 2019 Maersk announced its commitment to becoming carbon neutral by 2050. The new finance facility affirms Maersk’s efforts to drive sustainability into its operations and supply chains.
“Given the lifespan of our fleet, we need to find new and sustainable solutions to propel our vessels within the next 10 years. To realise this ambitious commitment, we are partnering with researchers, regulators, technology developers, customers, energy providers – and now banks, ” explained Hallberg Thygesen.
Barclays Bank Plc, BNP Paribas, Citibank N.A. London, Crédit Agricole Corporate and Investment Bank, Deutsche Bank, DNB Bank ASA, J.P. Morgan Securities Plc and Morgan Stanley Bank International Limited joined as lead arrangers.
