Terms integrate environmental targets with
improved financing
TORONTO, Dec. 11, 2019 /CNW/ - Maple Leaf Foods, Inc.
(TSX: MFI, the "Company") has become the first company in
Canada to secure
sustainability-linked terms for its credit facilities. The
Company today signed an amendment to its existing credit facilities
to include financing terms that reduce the interest rate on the
lending facility as key sustainability targets are met.
These amendments reflect Maple Leaf's goal to create compelling
business value through advancing its vision to be the most
sustainable protein company on earth. With sustainability core to
its business strategy, the Company recently announced that it had
become world's first major carbon neutral food company and one of
three animal protein companies in the world to set the
globally-respected Science-Based Targets for emissions
reduction.
"We are proud to be the first major food company in the world to
be carbon neutral, and excited to be the first Canadian company to
secure financing terms that rewards our commitment to dramatically
reduce our environmental footprint," said Michael McCain, President and CEO of Maple Leaf
Foods."
BMO Capital Markets is Sole Bookrunner on the credit facilities
and acted as a Sustainability Structuring Agent, working with Maple
Leaf Foods to integrate the sustainability targets into the credit
facilities. The Co-Lead Arrangers are BMO Capital Markets,
Scotiabank, RBC, CIBC, and Rabobank Canada. Four additional
lenders participated: Bank of America, JP Morgan Chase, National
Bank Financial, and Toronto Dominion Bank.
The credit facilities consist of an unsecured committed
revolving line of credit and two unsecured committed term
facilities totaling $2 billion in
funding for a period ranging from 2019 to 2024.
FORWARD-LOOKING STATEMENTS
This news release contains
forward-looking statements based on the Company's current
expectations and assumptions relating to its environmental
performance, its sustainability and emission reduction efforts, as
well as the effectiveness of these efforts and initiatives.
As these forward-looking statements depend upon future events,
actual outcomes may differ materially depending on factors such as:
operating performance, the results of sustainability and emission
reduction initiatives, the performance of third parties from whom
off-sets are purchased and the third-party certification processes
for off-sets. These statements are based on current
expectations, estimates, forecasts, and projections but there can
be no assurance that the results or developments anticipated the
Company will be realized. For more information refer to the
Company's Annual Management's Discussion and Analysis for the year
ended December 31, 2018, its most Annual Information Form
(both available on SEDAR at www.sedar.com) and its most recent
Sustainability Report available at www.mapleleaffoods.com.
About Maple Leaf Foods
Maple Leaf Foods is a producer of food products under leading
brands including Maple Leaf®, Maple Leaf Prime®, Maple Leaf Natural
Selections®, Schneiders®, Schneiders® Country Naturals®, Mina®,
Greenfield Natural Meat Co.®, Lightlife®, Field Roast Grain Meat
Co.TM and Swift®. Maple Leaf employs approximately
12,500 people and does business in Canada, the U.S.
and Asia. The Company is headquartered in Mississauga,
Ontario and its shares trade on the Toronto Stock Exchange
(MFI).
Website:
www.MapleLeafFoods.com
Twitter:
@MapleLeafFoods
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SOURCE Maple Leaf Foods Inc.