Maersk US$5 billion refinancing linked to sustainability goals

A syndicate of 26 selected banks has granted Maersk a new credit line linked to sustainability, worth US$5 billion. This is the first bank refinancing organized by Maersk after its transformation from a diversified conglomerate into a global container logistics company. The refinancing has a 5-year term that can be extended for another two years. This will be part of the company’s liquidity reserve.

“We received strong support from our global banks, and the credit line was updated. We are satisfied with the new terms and conditions. In this way, we extended the term of our financial commitments, aligning them with those of sustainability ”, highlights Henriette Hallberg Thygesen, CEO of Fleet & Strategic Brands.

The credit will be adjusted based on Maersk’s progress in meeting its goal of reducing carbon dioxide emissions per cargo handled by 60% by 2030, which is significantly more ambitious than the IMO target of 40% by 2030.  In 2018, Maersk announced its Carbon Neutral Program by 2050, and the new credit line will reinforce the company’s efforts to boost sustainability in its operations and supply chains.

“We are determined to achieve our ultimate goal of becoming fully carbon neutral by 2050, and this agreement serves as another facilitator to fulfill that ambition. Given the useful life of our fleet, we need to find new and sustainable solutions to boost our vessels over the next 10 years. To fulfill this ambitious commitment, we are partnering with researchers, regulators, technology developers, customers, energy suppliers – and now the banks “, explains Henriette.

Mandated Lead Arrangers: Banco Santander SA, London Branch, Bank of America Merrill Lynch International Designated Activity Company, Barclays Bank Plc, BNP Paribas, Citibank NA London, Commerzbank Aktiengesellschaft, Crédit Agricole Corporate and Investment Bank, Danske Bank A / S, Deutsche Bank, Handelsbanken, HSBC France, MUFG, Nordea, SEB and Standard Chartered Bank,

Lead Arranger Banks: Banco Bilbao Vizcaya Argentaria, SA, London branch, DNB Bank ASA, Industrial and Commercial Bank of China (Europe) SA, Brussels branch, ING Bank, JP Morgan Securities Plc, Mizuho Bank, Ltd., Morgan Stanley Bank International Limited, Natwest Markets Plc, Sumitomo Mitsui Banking Corporation, Société Générale and the Standard Bank South Africa Limited, Isle of Man branch.

Facility Agents: Crédit Agricole and SEB acted as Sustainability Coordinators. MUFG acted as Documentation Agent and BNP Paribas.

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