Johnson Controls becomes one of the first industrial companies to tie its line of credit in the U.S. syndicated loan market to sustainability performance
Interest rates and fees tied to employee safety and reducing greenhouse gas emissions from operations and customer projects
CORK, Ireland, Dec. 9, 2019 /PRNewswire/ -- Johnson Controls International plc, (NYSE: JCI), is one of the first industrial companies to tie its senior revolving facilities to specific sustainability metrics in the U.S. syndicated loan market. This precedent setting announcement ties Johnson Controls new five-year senior revolving credit facility and its one-year senior revolving credit facility to a sustainability-linked pricing mechanism.
The sustainability metrics are aligned to the safety of Johnson Controls employees, the greenhouse gas emission reductions the Company is able to achieve from energy efficiency and renewable energy customer projects and the greenhouse gas emissions reductions the Company is able to achieve from its internal operations.
"Our products and services empower our customers and communities to consume less energy and conserve resources; that is why I am proud this industry-leading commitment tied to our line of credit demonstrates that sustainability is at the heart of our vision and values," said George Oliver, chairman and CEO.
A total of 18 banks have agreed to this sustainability line of credit with Johnson Controls. Joint lead arrangers and joint book runners on this transaction were JPMorgan Chase Bank, N.A., BofA Securities, Inc., Barclays Bank PLC and Citibank, N.A. with ING Capital LLC acting as the sustainability structuring agent.
About Johnson Controls:
At Johnson Controls, we transform the environments where people live, work, learn and play. From optimizing building performance to improving safety and enhancing comfort, we drive the outcomes that matter most. We deliver our promise in industries such as healthcare, education, data centers and manufacturing. With a global team of 105,000 experts in more than 150 countries and over 130 years of innovation, we are the power behind our customers' mission. Our leading portfolio of building technology and solutions includes some of the most trusted names in the industry, such as Tyco®, York®, Metasys®, Ruskin®, Titus®, Frick®, Penn®, Sabroe®, Simplex®, Ansul® and Grinnell®. For more information, visit www.johnsoncontrols.com or follow us @johnsoncontrols on Twitter.
SOURCE Johnson Controls International plc