Bell Canada (Bell) announced earlier this month that it has modified its existing $3.5 billion committed credit facility into a stability-linked loan.
The amendment introduces an annual pricing adjustment that lowers or raises borrowing costs based on Bell’s performance on two key annual sustainability performance targets:
- reduce absolute Scope 1 and 2 greenhouse gas (GHG) emissions by 57 percent by 2030 from a 2020 base year; And
- Science-based target by 2026 to reach 64 percent of its suppliers through spending, including purchased goods and services.
These science-based targets to reduce greenhouse gas (GHG) emissions are approved under the Science-Based Targets Initiative.
It is because these annual goals alone cover the vast majority of its total carbon footprint that Bell has chosen them, the company explained in a press release. They support a commitment to meet their science-based targets for GHG emissions reduction and supplier engagement by linking performance to financing costs.
This sustainability-linked loan follows the announcement of BCE’s Sustainable Financing Framework in April 2021 and Bell’s inaugural $500 million Sustainability Bond offering in May 2021, with proceeds allocated to eligible green and social investments.
“We are pleased to announce the closure of this sustainability-linked loan. The SLL aligns with our ESG strategy and performance to better support investments that support a more sustainable and prosperous future through our Bell,” said Glenn LeBlanc, Chief Financial Officer and Vice President, Atlantic Canada at Bell.
