Eastman Chemical extends and ups revolver, adds sustainability features

By William Gullotti

Buffalo, N.Y., Dec. 3 – Eastman Chemical Co. announced it has amended and extended its existing $1.5 billion revolving credit agreement, according to a press release on Friday.

The amended credit agreement expands the revolver to $2 billion and extends the maturity to Dec. 3, 2026 with provisions to extend the maturity by up to two more years.

In addition to the company’s credit ratings, fees for the amended agreement will be based upon the performance of three sustainability-linked areas: reduction in greenhouse gas emissions, plastic waste recycling and increased percentage of women in professional/managerial roles.

Citibank NA served as administrative agent and also a joint lead arranger alongside BofA Securities, Inc., JPMorgan Chase Bank, NA and Mizuho Bank, Ltd.

The syndication agents were Bank of America, NA, JPMorgan and Mizuho.

Documentation agents were Barclays Bank plc, Morgan Stanley Bank, NA, Truist Bank and Wells Fargo Bank, NA.

Citibank and Mizuho are also co-sustainability agents.

Eastman is a chemical company based in Kingsport, Tenn.

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