AP Moller-Maersk has taken out a $5bn loan that factors in reaching 2030 carbon-reduction goals.
The revolving credit facility, backed by 26 lenders, is the first bank refinancing since Maersk turned into a global container logistics company from a diversified conglomerate, the company said.
It will be used to refinance an undrawn $5.1bn facility coming due in 2021 and matures in five years with a two-year extension option as part of Maersk's liquidity reserve.
“With the new facility we have extended the maturity profile of our finance commitments, while aligning with our sustainability ones,” said Henriette Thygesen, chief executive of fleet & strategic brands.
The new loan is set up in such a way that its credit margin will adjust to Maersk’s progress on meeting its target of reducing CO2 emissions per cargo moved by 60% by 2030.
The IMO is requiring all ships to lower their CO2 output by 40% compared to 2008 by that time.
“We are determined to reach our ultimate target of becoming fully carbon neutral by 2050, and this agreement serves as another enabler for us to deliver on that ambition," Thygesen said.
"To realise this ambitious commitment, we are partnering with researchers, regulators, technology developers, customers, energy providers – and now banks."
The loan's lead arrangers include Banco Santander, Bank of America, Barclays Bank, BNP Paribas, Citibank, Commerzbank, Credit Agricole, Danske Bank and Deutsche Bank.
S&P weighs in
Maersk's newest loan comes just as S&P Global Ratings tells the company that it must limit its merger and acquisition spending over the next two years to $1bn to keep its credit rating at BBB, according to Bloomberg.
Maersk did not immediately return calls asking about its M&A plans.
The company last week agreed to buy US warehousing and distribution company Performance Team for $545m.
The deal brings Maersk Warehousing & Distribution North America's 563,000 square metres of warehousing across 22 sites to 1.36m square metres.
