Orion Engineered Carbons Achieves 2022 Emissions Targets for Sustainability-Linked Term Loan
May 01 2023 - 4:35PM
Business Wire
Orion Engineered Carbons (NYSE: OEC), a global specialty
chemicals producer, announced today the company has achieved its
2022 emissions targets in the U.S. and will receive a 10 basis
point rate reduction in interest payments on its
sustainability-linked term loan, saving approximately $650,000.
When Orion agreed to the seven-year $650-million term loan in
2021, the company was one of the first to link the loan to
environmental goals.
Starting this year, a third-party firm audited the air emissions
figures at Orion’s four plants in the U.S. and determined whether
the company achieved its targets. If Orion meets its targets for
all four years, the company could reduce its financing costs by a
total of $2.6 million.
“We’re pleased the first round of audits for our term loan were
successful,” said Corning Painter, chief executive officer.
“Achieving the emissions reduction goals underscores our strong
focus and commitment to sustainability. We are confident we will
have continued success achieving the emissions targets for the
loan, which will lead to significant interest savings.”
Over the past five years, Orion has been upgrading its emissions
control technology at all four of its U.S. plants. Three of these
complex projects are completed, with the final one scheduled to be
finished in 2023. The facilities are in Ivanhoe, La.; Belpre, Ohio;
and the Texas cities of Orange and Borger.
About Orion Engineered Carbons
Orion Engineered Carbons (NYSE: OEC) is a leading global
supplier of carbon black, a solid form of carbon produced as powder
or pellets. The material is made to customers’ exacting
specifications for tires, coatings, ink, batteries, plastics and
numerous other specialty, high-performance applications. Carbon
black is used to tint, colorize, provide reinforcement, conduct
electricity, increase durability and add UV protection. Orion has
innovation centers on three continents and 15 plants worldwide,
offering the most diverse variety of production processes in the
industry. The company’s corporate lineage goes back more than 160
years to Germany, where it operates the world’s longest-running
carbon black plant. Orion is a leading innovator, applying a deep
understanding of customers’ needs to deliver sustainable solutions.
For more information, please visit orioncarbons.com.
Forward-Looking Statements
This document contains certain forward-looking statements within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements are statements of future
expectations that are based on current expectations and assumptions
and involve known and unknown risks and uncertainties that could
cause actual results, performance or events to differ materially
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version on businesswire.com: https://www.businesswire.com/news/home/20230501005419/en/
Wendy Wilson Head of Investor Relations Orion Engineered Carbons
Direct: +1 281-974-0155 wendy.wilson@orioncarbons.com
William Foreman Director of Corporate Communications and
Government Affairs Orion Engineered Carbons Direct: +1 832-445-3305
Mobile: +1 281-889-7833 william.foreman@orioncarbons.com
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