Finance, Industrial  -  October 12, 2023

IMTT Issues Sustainability-Linked Term Loan

International-Matex Tank Terminals — a company in the handling and storage of bulk liquid products including energy transition fuels, feedstocks and petrochemicals — announced the issuance of its inaugural Sustainability-linked Term Loan B (TLB).

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 TLB are in adherence to the company’s Sustainability-linked Issuance Framework and reflect pricing adjustment of up to 7.5 basis points depending on IMTT’s performance relative to annual targets over the tenor of the facility.

The TLB 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,” said Carlin Conner, Chairman and CEO of IMTT, in a statement.  “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.”