LATAM Airlines Group inks sustainability-linked loan
LATAM Airlines Group signed its first sustainability-linked loan for a total of S$300 million.
It becomes the only airline in South America to take out a financial commitment of this kind.
The agreement signed with Credit Agricole Corporate & Investment Banking and BNP Paribas is a revolving credit line.
It allows LATAM Airlines to access additional long-term financing under conditions if a series of sustainability goals are met.
It comes after LATAM Airlines made its return to the New York Stock Exchange and reported a net profit of US$301 million in the third quarter.
“This is our first financial product associated with sustainability and we see it as a first step to continue exploring other similar instruments in the future,” said Andrés del Valle, VP Corporate Finance of LATAM Airlines.
The transaction includes sustainability-linked provisions where the airline may receive pricing adjustments based on its performance against carbon emission intensity of operations.
It will be measured as tons of CO2 emissions / revenues per ton-kilometer (RTK).
This inaugural sustainable finance transaction supports the company’s strategy, particularly the group’s goal of achieving net-zero emissions by 2050.
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