Sooner Inc. signs first ESG-linked credit facility
Sooner Inc. (“Sooner”) has signed its first ESG-based term-loan facility with Mizuho Bank. This new $50 million term-loan facility replaces an existing revolving credit facility with Mizuho and extends maturity to 2026, reducing our long-term cost of capital, especially in the current low-interest rate environment.
This new credit facility is part of Sooner’s long-term business strategy that incorporates sustainability as one of the major pillars. It is tied to ESG based performance indicators including reduction in carbon footprint by using renewable energy and promotion of minority groups in the workforce.
Faisal Naseem, CEO, states “This new ESG based credit facility is step towards achieving our long-term sustainability goals as part of our business strategy. Linking interest rate to ESG performance indicators shows our confidence in achieving our sustainability goal”.