CALGARY, Alberta – Gibson Energy Inc. announced today that it has become the first public energy company in North America to fully transition its principal syndicated revolving credit facility into a sustainability-linked revolving credit facility.
“As part of our efforts to embed the principles of Sustainability and ESG into all aspects of our business, we are very pleased to be first amongst not only our Canadian midstream energy infrastructure peers, but also all public energy companies in North America, to fully transition our principal credit facility to a sustainability-linked credit facility,” said Sean Brown, Senior Vice President and Chief Financial Officer. “This is further evidence of our commitment to reaching our Sustainability and ESG targets, as key targets from each of the three pillars of ESG will now also directly impact our financing costs. At the same time, by extending the maturity of our facility to a full five years into 2026, we ensure we maintain access to ample liquidity to continue to execute our business, fund the debt portion of our growth capital and maintain sufficient additional capacity to comfortably navigate through any environment we may encounter over the next several years.”
Sustainability-Linked Revolving Credit Facility
The new Sustainability-Linked 5-Year, $750 million Revolving Credit Facility includes terms that reduce or increase the borrowing costs as Sustainability and ESG targets are met or missed. The performance determinants are consistent with the priorities and objectives Gibson recently announced in its expanded ESG and Sustainability targets, and are comprised of:
- Environmental: the reduction of Scope 1 and Scope 2 GHG emissions intensity by 15% by 2025
- Social: increasing the representation of women in the workforce to 40% – 42% as well as racial and ethnic minority representation in the workforce to 21% – 23% by 2025
- Governance: increasing the representation of women on the Board to at least 40% as well as at least one member of the Board identifying as racial or ethnic minority and/or Indigenous by 2025
Additional ESG and Sustainability Highlights
Gibson is pleased to announce that its continued efforts on the ESG and Sustainability front have been recently recognized by MSCI ESG Research LLC through their assignment of an “AA” rating of Gibson, which represents the highest ranking among the Company’s North American peer group.
Gibson Energy Inc. (“Gibson” or the “Company”) (TSX: GEI) is a Canadian-based oil infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of crude oil and refined products. Headquartered in Calgary, Alberta, the Company’s operations are focused around its core terminal assets located at Hardisty and Edmonton, Alberta, and include the Moose Jaw Facility and an infrastructure position in the U.S.
Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.