Tetra Tech, a Pasadena-based consulting and engineering services provider with projects around the world, announced a $1 billion credit facility that it says will be tied to goals corporate sustainability.
These goals were announced on Earth Day 2021, when company leadership said it was aiming to be carbon negative and intended to help improve the lives of one billion people in the world. 2030.
Tetra Tech also joined the United Nations Global Compact in February 2018 and is a signatory to the Science Based Targets Initiative (SBTi), along with more than 1,200 other companies around the world leading the transition to a net zero economy by setting targets reductions anchored. in climate science.
In a statement on Tuesday, Tetra Tech said the new credit facility will be linked to two key performance indicators: reduction of greenhouse gas (GHG) emissions through company projects and operational sustainability initiatives. , and improving people’s lives through projects that deliver 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, president and CEO of Tetra Tech.
Dr. Leslie Shoemaker, president and chief sustainability officer of Tetra Tech, said the new credit facility establishes a “groundbreaking and unique” measure of the environmental and social benefits associated with their projects.
“Quantifying the impact of our projects augments existing sustainability initiatives in our operations to drive efficiencies such as remote working and virtual meetings, energy-efficient offices and cloud-based IT systems. “said Shoemaker.
The credit facility increases Tetra Tech’s borrowing capacity by an additional $100 million and provides for an interest rate grid reduction of up to 5% to meet sustainability goals.
“We are pleased that the bank lender group has recognized Tetra Tech’s long-term commitment to advancing sustainability and built financial rewards into our credit facility to achieve measurable benefits,” said Steve Burdick, Chief Financial Officer from Tetra Tech.
The group of lenders was led by Bank of America, with joint lead arrangers Wells Fargo Bank, US Bank and Bank of Montreal. The group of lenders also included backing from HSBC Bank USA, Bank of Nova Scotia, BNP Paribas and City National Bank. Bank of America acted as the sole sustainability coordinator. https://www.tetratech.com/