DELAWARE, Ohio, Oct. 19,
2022 /PRNewswire/ -- Greif, a global leader in
industrial packaging products and services, recently completed its
debut sustainable finance transaction as part of its sustainability
journey.
From the $2.4 million financing
package, the $1.8 million Secured RCF
and Term Loan A-1 had the pricing of the loans tied to Greif's
sustainability performance, captured via an EcoVadis ESG score.
Greif worked with ING Capital LLC, its sustainability
structuring agent, to include an innovative feature to the facility
which is the option to switch to internally set Key Performance
Indicators (KPI) at a later stage, providing additional flexibility
as Greif makes continuous progress on its sustainability
targets.
"We see the sustainability linked loan (SLL) as a great
example of 'The Greif Way' in action. It is Greif's commitment to
sustainability values and standards directly connected to finance,"
said Ana Carolina Oliveira, ING
America's Head of Sustainable Finance. "What makes this SLL
particularly special is the ability to switch the structure to
customized sustainability targets later on. As Greif is continually
pushing for greater sustainability performance, the structure
allows the loans to evolve and track with that ambition."
Tony Krabill, Treasurer at Greif,
added: "We are pleased that ING supported us in securing this
innovative finance agreement, demonstrating confidence in our
continued commitment to reducing the environmental impact of our
products and operations, and contributing towards a more circular
economy. Earlier this year we published our 13th consecutive annual
sustainability report and will be announcing our new sustainability
targets for 2030 in the near future."
The EcoVadis ESG score examines the performance of a company
across four themes: Environment, Ethics, Labor and Human Rights and
Sustainable Procurement. Greif has been awarded Gold Rating by
EcoVadis since 2018 and ranks in the top four percent of companies
assessed worldwide.
Greif has also recently received its new MSCI ESG rating of AA
which is used to measure a company's management of financially
relevant ESG risks and opportunities, giving investors and
customers an indication about its sustainability performance. While
the highest score is AAA, there are no companies with this score in
the containers and packaging industry. Greif ranks in the top 25
percent of all companies.
About Greif, Inc.
Greif is a global leader in industrial packaging products and
services and is pursuing its vision: Be the best performing
customer service company in the world. The Company produces steel,
plastic and fibre drums, intermediate bulk containers,
reconditioned containers, containerboard, uncoated recycled
paperboard, coated recycled paperboard, tubes and cores and a
diverse mix of specialty products. The Company also manufactures
packaging accessories and provides filling, packaging and other
services for a wide range of industries. In addition, Greif manages
timber properties in the southeastern United States. The Company is strategically
positioned in over 35 countries to serve global as well as regional
customers. Additional information is on the Company's website
at www.greif.com.
Contact:
Matt Leahy
740-549-6158
matthew.leahy@greif.com
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SOURCE Greif, Inc.