July 18, 2023 [IMTT]- International-Matex Tank Terminals (“IMTT” or the “Company”), an industry leader in the handling and storage of bulk liquid products, especially energy transition fuels, feedstocks and petrochemicals, announced today that ITT Holdings LLC has successfully amended its existing revolving credit facility (“the Facility”) to include incentive pricing terms related to achieving various Sustainability Performance Targets.
The Facility represents the Company’s inaugural Sustainability-Linked Loan and is issued under IMTT’s recently developed Sustainability Linked Issuance Framework (the “Framework”). The Framework outlines key performance indicators related to environmental and social factors. The outlined key performance indicators include: i) the percentage of new capital expenditures related to increasing IMTT’s ability to store and handle renewable and low-carbon products including but not limited to renewable diesel, biodiesel, hydrogen, blue and green ammonia, sustainable aviation fuels, and the feedstocks used to produce these products; and ii) supplier diversity. These key performance indicators further reinforce the Company’s commitment to sustainability in line with its Greener and Cleaner strategy.
“We are reshaping our portfolio so that over half of IMTT’s revenue in 2023 will be generated from the handling of non-petroleum products, such as renewable diesel feedstocks, renewable diesel, vegetable and tropical oils, and chemicals. Our Greener and Cleaner strategy is working, and we anticipate continuing to grow our non-petroleum share of revenue over the next several years through deployment of capital for new projects supporting the energy transition. The continued support from our lenders will allow us to continue to develop and execute the projects that support these ambitions,” said Carlin Conner, Chairman and CEO of IMTT. “Additionally, we are committed to creating opportunities for vendors and suppliers that are capable, experienced and share our ESG goals.”
Sustainable Fitch has provided a Second Party Opinion which verifies that the Framework is aligned with the Loan Syndications and Trading Association Sustainability-Linked Loan Principles (2023).
CIBC Capital Markets acted as sole Sustainability Structuring Agent for the Framework.
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