UPM gets €750 million loan with margin tied to biodiversity, climate

By Sarah Lizee

Olympia, Wash., March 17 – UPM-Kymmene Corp. signed a €750 million revolving credit facility with a margin tied to long-term biodiversity and climate targets, according to a press release.

The margin is tied to two key performance indicators, including achievement of a net positive impact on biodiversity in the company’s own forests in Finland and a 65% reduction of CO2 emissions from fuels and purchased electricity by 2030 from 2015 levels.

The five-year facility has two one-year extension options.

BNP Paribas, Handelsbanken and Nordea acted as coordinating mandated lead arrangers and bookrunners for the facility, and Citi, Commerzbank AG, Credit Agricole CIB, Danske Bank A/S, DBS Bank Ltd., London Branch, DNB Bank ASA, HSBC France, J.P. Morgan Securities plc, OP Corporate Bank plc, Santander, SEB and Swedbank AB acted as mandated lead arranger and bookrunners.

BNP Paribas acted as a sustainability coordinator for the facility.

UPM-Kymmene is a forest products company based in Helsinki.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.