Tetra Tech Announces $1 Billion Credit Facility Linked to Improving the Lives of One Billion People Worldwide
February 22 2022 - 9:00AM
Business Wire
Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end
consulting and engineering services in water, environment, and
sustainable infrastructure, today announced the establishment of a
$1 billion sustainability-linked credit facility.
Since the inception of our sustainability program, Tetra Tech
has reduced greenhouse gas (GHG) emissions from our operations by
78 percent. On Earth Day 2021, Tetra Tech announced more ambitious
sustainability goals to be carbon negative and improve the lives of
one billion people by 2030. Tetra Tech has also joined the United
Nations Global Compact and is a signatory to the Science Based
Targets Initiative (SBTi).
Tetra Tech is further advancing our commitment to sustainability
by linking our new credit facility to two key performance
indicators:
- Reduction of GHG emissions (tons of CO2e) through Tetra Tech’s
projects and operational sustainability initiatives
- Improvement of people’s lives as a result of Tetra Tech’s
projects that provide environmental, social and governance
benefits
“The sustainability-linked credit facility announced today
recognizes the global scale of Tetra Tech’s Leading with Science®
approach and reaffirms our commitment to improving the lives of
people around the world,” said Dan Batrack, Tetra Tech Chairman and
CEO.
Tetra Tech’s President and Chief Sustainability Officer, Dr.
Leslie Shoemaker, said, “We are establishing a ground-breaking and
first-of-its-kind measurement and quantification of environmental
and social benefits directly associated with the projects the
Company performs. The quantification of the impact of our projects
augments existing sustainability initiatives in our operations to
foster efficiencies such as remote working and virtual meetings,
energy-efficient offices and cloud-based IT systems.”
The credit facility increases the Company’s borrowing capacity
by an additional $100 million and provides for up to a 5% reduction
in the interest rate grid for meeting the sustainability targets.
Steve Burdick, Tetra Tech Chief Financial Officer, said, “We are
pleased that the bank lender group has recognized Tetra Tech’s
long-term commitment to advancing sustainability and incorporated
financial rewards in our credit facility for achieving measurable
benefits.”
The lender group was led by Bank of America, with joint lead
arrangers Wells Fargo Bank, US Bank, and Bank of Montreal. The
lender group further included the support of HSBC Bank USA, The
Bank of Nova Scotia, BNP Paribas, and City National Bank. Bank of
America acted in the sole capacity of sustainability
coordinator.
About Tetra Tech
Tetra Tech is a leading provider of high-end consulting and
engineering services for projects worldwide. With 21,000 associates
working together, Tetra Tech provides clear solutions to complex
problems in water, environment, sustainable infrastructure,
renewable energy, and international development. We are Leading
with Science® to provide sustainable and resilient solutions for
our clients. For more information about Tetra Tech, please visit
tetratech.com or follow us on LinkedIn, Twitter, and Facebook.
Any statements made in this release that are not based on
historical fact are forward-looking statements. Any forward-looking
statements made in this release represent management’s best
judgment as to what may occur in the future. However, Tetra Tech’s
actual outcome and results are not guaranteed and are subject to
certain risks, uncertainties and assumptions ("Future Factors"),
and may differ materially from what is expressed. For a description
of Future Factors that could cause actual results to differ
materially from such forward-looking statements, see the discussion
under the section "Risk Factors" included in the Company’s Form
10-K and Form 10-Q filings with the Securities and Exchange
Commission.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220221005458/en/
Jim Wu, Investor Relations Charlie MacPherson, Media &
Public Relations (626) 470-2844
Tetra Tech (NASDAQ:TTEK)
Historical Stock Chart
From Mar 2024 to Apr 2024
Tetra Tech (NASDAQ:TTEK)
Historical Stock Chart
From Apr 2023 to Apr 2024