Belgian tanker giant Euronav has inked a deal for a €80m ($95m) unsecured sustainability linked revolving credit facility, taking its overall green financing to 31.5%.
Supported by Gigarant, the new facility has been concluded with KBC, ABN Amro, Belfius, ING, Societé Generale, BNP Paribas and SEB, with sustainability and emission reductions as a component of the margin pricing.
“Sustainability is at the core of what we do at Euronav, with the financing of our operations being a critical part of this approach,” said Lieve Logghe, CFO of Euronav. “Diversifying our funding sources whilst at the same time providing challenging and quantifiable targets for our sustainability progress are dual objectives for Euronav. This transaction with multiple banks achieves this strategic and operational objective.”
The facility will have a duration of minimum 3 years, with two one-year extension options. A range of measurable sustainability features such as year-on-year reduction in carbon emissions starting from 2021 will be supported by compliance with the Poseidon principles.