Internationally diversified gold producer Nordgold’s wholly-owned subsidiary Celtic Resources Holdings has entered into a three-year $100-million environmental, social and governance- (ESG-) linked revolving credit facility (RCF) with a group of international banks.
The syndicated facility was arranged by a number of lead arrangers and bookrunners.
Raiffeisen Bank International together with AO Raiffeisenbank coordinated the facility. Raiffeisen Bank International also acted as sustainability coordinator, while Société Générale was appointed as facility agent.
The new RCF is guaranteed by certain subsidiaries of the company.
The margin under the loan is directly linked to Nordgold’s EcoVadis ESG rating.
The new three-year facility is Nordgold’s second, following the announcement in March of a similar two-year $100-million ESG-linked RCF with a group of international banks, highlighting Nordgold's continued focus on ESG performance, the company notes.
“Nordgold has made considerable progress with its ESG initiatives and we are currently developing a detailed programme of ambitious ESG targets for the future. Adherence to the highest ESG standards is core to our company, so it is a natural extension of this philosophy to include measurable ESG performance in how we finance the business as well,” says CEO Nikolai Zelenski.
As of October 18, Nordgold’s corporate debt comprised of a $400-million five-year Eurobond maturing in 2024 and the aforementioned two-year $100-million facility which has not been drawn as at October 18.