Calgary advises CIBC on US$900m sustainability linked credit facility

Canada | June 03, 2021

Client: CIBC

Our Calgary office advised Canadian Imperial Bank of Commerce (“CIBC”), as sole lead arranger and sole bookrunner, of a US$900m senior secured sustainability linked revolving credit facility in favour of Enerplus Corporation.

A sustainability linked credit facility is a new type of arrangement in which financial institutions agree to reduce or increase their borrowing costs as sustainability and ESG targets are met or missed, determined through third-party sustainability performance measures. The use of a sustainability linked credit facility is another way companies are able to keep their businesses accountable and on-track to meeting and/or exceeding their environmental, social and governance targets.