Yara signs $1.1 billion revolver tied to carbon intensity target

Chicago, July 16 – Yara International ASA has signed a $1.1 billion five-year multicurrency revolving credit facility with two one-year extension options, according to a company release.

The facility refinances Yara’s previous facility dated July 5, 2013.

The margin under the facility will be adjusted based on the company’s progress in meeting its carbon intensity target by 2025.

Yara’s carbon intensity target is to achieve a 10% reduction in greenhouse gas emissions per ton of fertilizer produced by 2025.

The transaction was coordinated by Barclays Bank plc, Citigroup Global Markets Ltd., Credit Agricole Corporate and Investment Bank and Sumitomo Mitsui Banking Corp. as coordinating bookrunners.

Citibank Europe plc acted as facility agent, and Credit Agricole Corporate and Investment Bank acted as sustainability agent.

Danske Bank worked as a bookrunner. BNP Paribas, Commerzbank, Deutsche Bank, JPMorgan, NatWest Markets plc and Societe Generale worked as mandated lead arrangers, and Fifth Third Bank and Banco Itau served as lead arrangers.

Yara is an Oslo, Norway-based chemical company that primarily produces nitrogen fertilizer.

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