Orion Engineered Carbons, a global specialty chemicals producer, announced that it had achieved its 2022 emissions targets in the U.S. and will receive a 10 basis point rate decrease on its sustainability-linked term loan, saving about $650,000.
Orion was one of the first companies to tie the financing to environmental goals when it committed to the $650 million, seven-year term loan in 2021.
Beginning this year, a third-party organization examined the air pollution data from Orion's four U.S. plants to see whether the company met its goals. Orion might save $2.6 million in borrowing costs if it accomplishes its goals for all four of the years.
Corning Painter, chief executive officer, said that the term loan's initial round of audits was successful, and they're happy about that. Achieving the carbon reduction targets shows how dedicated they are to sustainability. They are optimistic that they will continue to be successful in meeting the loan's emissions targets, which will result in sizable interest savings.
All four of Orion's U.S. plants have upgraded their emissions control systems over the previous five years. With the last one expected to be finished in 2023, three of these complicated projects have already been finished. The locations of the plants are Belpre, Ohio; Ivanhoe, Louisiana; and Orange and Borger, Texas.
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