GHG Emissions, Finance, Sourcing Renewables - June 14, 2022
KLA Closes $1.5 Billion Sustainability-Linked Credit Facility
KLA Corporation announced the closing of an inaugural $1.5 billion sustainability-linked revolving credit facility.
The five-year facility reinforces the company's commitment to its environmental, social, and governance (ESG) programs and goals.
KLA, a company that develops equipment and services that enable innovation for the electronics industry, refinanced and upsized its existing $1 billion credit facility which was set to mature in November of 2023. During the five-year term of the new sustainability-linked facility, KLA will receive pricing adjustments based on its performance against two sustainability performance targets.
The company’s progress will be measured on achieving its goals of increased usage of renewable electricity within the company's operations and reduction in Scope 1 and Scope 2 CO2 emissions.
"This increased credit facility will provide KLA with additional financial flexibility to pursue its growth initiatives or capital returns strategies," said Bren Higgins, executive vice president and CFO of KLA in a statement. "In addition, having a new sustainability-linked credit facility demonstrates KLA's commitment to couple its financial obligations to its environmental goals to bring additional long-term value to stakeholders. From carbon-free power sourcing and comprehensive recycling programs to supplier diversity and socially-conscious and inclusive employee resource groups, KLA is integrating its ESG philosophy into its business operations globally."
KLA has set a goal to use 100% renewable electricity across its global operations by 2030. This objective formalizes the company's commitment to support the transition to a clean energy economy by setting GHG emission reduction targets and reporting climate-related information to stakeholders.
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