Empresas CMPC, a global pulp and paper company based in Chile, has secured a US$100mn revolving credit facility (RCF) with a syndicate of financial institutions.
BNP Paribas was sole sustainability co-ordinator, and along with Export Development Canada, MUFG Bank and SMBC, acted as lead arranger and bookrunner.
CMPC, which has operations in eight Latin American countries, with its products reaching 45 markets, will use the loan for general corporate purposes.
The margin of the sustainability-linked loan (SLL) is correlated to the paper company achieving key performance indicators (KPIs) in four areas: greenhouse gas emissions, industrial water use, industrial waste to landfill, and area allocated for protection, conservation and restoration.
The metrics are being measured and assessed by CMPC with a third-party assurance report to verify findings, a spokesperson for BNP Paribas tells GTR. The tenor of the loan has not been disclosed.
BNP Paribas has been involved in various sustainable finance deals in the region this year. In North America, the bank acted as the sole sustainability structuring agent in an SLL with JetBlue Airways in February. JetBlue amended its existing US$550mn senior secured RCF by including a sustainability-linked provision to align its initiatives with its environmental, social and governance (ESG) performance goals and objectives.
The same month, the bank was also involved in a sustainability-linked syndicated credit facility in Canada with professional services firm WSP Global. BNP Paribas acted as sole sustainability co-ordinator while CIBC, National Bank Financial and BMO acted as joint bookrunners and co-lead arrangers.
Elsewhere, in May, the bank arranged a deal for Spanish renewable energy firm Siemens Gamesa. The facility, which covers the construction of components for offshore wind farm Hornsea 2, incorporates a dual environmental and social sustainability purpose. BNP Paribas acted as sustainability global advisor and mandated lead arranger for the deal, which also saw participation from BBVA, Mizuho and Santander.
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