Wednesday, May 19th 2021

Micron Closes Sustainability-Linked Credit Facilities Totaling Nearly $3.7 Billion

Micron Technology, Inc. (Nasdaq: MU), today announced the successful closing of nearly $3.7 billion inaugural sustainability-linked credit facilities. The facilities, which create additional long-term value for Micron's stakeholders, reinforce the company's commitment to sustainability and 2030 environmental goals.

These facilities comprise a five-year $2.5 billion sustainability-linked revolving credit facility, which matures in May 2026, and a nearly $1.2 billion sustainability-linked term loan A, which matures in October 2024. The credit facility agreements refinance Micron's existing revolving credit and term loan A facilities with no impact to cash or debt balances while reducing future interest expense. Both the revolving credit facility and term loan A feature pricing adjustment mechanisms linking Micron's financial pricing to meeting the environmental targets the company has set for greenhouse gas (GHG) emission intensity, waste diversion from landfills and Responsible Business Alliance (RBA) score metrics. Crédit Agricole Corporate and Investment Bank (CIB) served as the sole sustainability structuring agent on both credit facilities.

This transaction reflects Micron's leadership in sustainable financing and positions the company as a top-five corporate sustainability-linked credit facility issuer in the U.S. while reaffirming Crédit Agricole CIB's role as a strategic investment bank and partner to global companies for sustainability.

"The sustainability-linked credit facilities reflect the depth of our commitment to advancing Micron's environmental, social and governance goals," said David Zinsner, senior vice president and chief financial officer at Micron. "In tying our environmental metrics to our financial performance, we aim to achieve positive sustainable impact while taking another step in integrating sustainability into all aspects of our business."

Micron recently underscored its commitments and actionable sustainability efforts in its sixth annual sustainability report, which includes time-bound goals to reduce GHG emission intensity by 75% over 2018 measurements, as well as achieve 75% water conservation and 95% waste diversion globally in 2030. The company also targets sourcing 100% renewable energy across its U.S. manufacturing operations by the end of 2025.

With more than a decade in this space, Crédit Agricole CIB is a pioneer in the environmental, social and governance (ESG) finance market. Crédit Agricole CIB has put ESG matters at the top of its agenda, and it is in the societal pillar of its medium-term plan.

"Promoting growth while respecting the planet and its people is a mindset that we are honored to share with Micron," said Marc-Andre Poirier, chief executive officer of Crédit Agricole CIB Americas. "We worked closely with Micron to identify challenging sustainability issues and set ambitious targets in line with their strong companywide commitment. We are proud to support Micron with their inaugural sustainability-linked financing."
Add your own comment

25 Comments on Micron Closes Sustainability-Linked Credit Facilities Totaling Nearly $3.7 Billion

#1
Why_Me
With more than a decade in this space, Crédit Agricole CIB is a pioneer in the environmental, social and governance (ESG) finance market. Crédit Agricole CIB has put ESG matters at the top of its agenda, and it is in the societal pillar of its medium-term plan.
Credit Agricole is a mafia like scam operation that pumps money into Russia's arctic oil & gas operations while going out of its way to screw Alaska on theirs.
Posted on Reply
#2
R-T-B
Why_MeCredit Agricole is a mafia like scam operation that pumps money into Russia's arctic oil & gas operations while going out of its way to screw Alaska on theirs.
Any citations on that?

It could be true but I'm just skeptical of any claims thrown out without backing.
Posted on Reply
#3
Why_Me
R-T-BAny citations on that?

It could be true but I'm just skeptical of any claims thrown out without backing.
Gazprom is owned and run by the Kremlin. Russia has a pure crap environmental record in regards to oil & gas development vs Alaska who has the #1 environmental record in the world in regards to developing oil & gas in the Arctic. When anyone starts preaching green energy along with climate change you know they're either clueless or lying.

www.rigzone.com/news/oil_gas/a/148751/russias_gazprom_says_credit_agricole_cib_to_give_it_739_mm_loan/

au.finance.yahoo.com/news/big-oil-turned-back-alaska-200000191.html

www.bloombergquint.com/onweb/these-are-the-banks-caught-in-the-russia-money-laundering-scandal
Posted on Reply
#4
R-T-B
I'm aware of Gazprom's Kremlin ties and questionable practices, but is issuing a loan to them evidence of support, really?

There may be more to those articles I am missing, I just skimmed the headlines on mobile and will return to them shortly. Banks issue loans though, and usually for financial reasons, keep that in mind. Loans are not a declaration of friendship.

EDIT: It seems your argument centers on the fact that companies are not issueing loans likewise to oil development in alaskan regions that were previously park territory. There is a reason for this: Oil drilling in the arctic is generally bad for the environment. No one will loan money to a company that does this openly in the present climate, whatever you believe. The worst part of it is that they will willingly loan money to a company that lies and says it doesn't while it blatantly does, like Gazprom, making it all pretty hypocritical.

That's probably your point, yes?
Posted on Reply
#5
Why_Me
R-T-BI'm aware of Gazprom's Kremlin ties and questionable practices, but is issuing a loan to them evidence of support, really?

There may be more to those articles I am missing, I just skimmed the headlines on mobile and will return to them shortly. Banks issue loans though, and usually for financial reasons, keep that in mind. Loans are not a declaration of friendship.
:wtf:
Posted on Reply
#6
R-T-B
Why_Me:wtf:
You do know banks would probably lend money to a serial killer who stole his victims wallets if it was legal and they could make money without PR damage, right?

They aren't exactly a bastion of morality, or in it for friendship. They are in it for money.

That's all I'm saying.
Posted on Reply
#7
Why_Me
R-T-BYou do know banks would probably lend money to a serial killer who stole his victims wallets if it was legal and they could make money without PR damage, right?

They aren't exactly a bastion of morality, or in it for friendship. They are in it for money.

That's all I'm saying.
Let me state this once again: Credit Agricole along with other major western lending companies refused to loan money to oil companies that were drilling in Alaska seas, Arctic coastal areas that were on Federal land, etc .. using 'climate change' as an excuse while bankrolling Russian Arctic oil & gas development. Google 'hypocrisy'. Credit Agricole along with the EU and Trudeau (Canada) led the charge to screw us (Alaska).
R-T-BEDIT: It seems your argument centers on the fact that companies are not issueing loans likewise to oil development in alaskan regions that were previously park territory. There is a reason for this: Oil drilling in the arctic is generally bad for the environment. No one will loan money to a company that does this openly in the present climate, whatever you believe. The worst part of it is that they will willingly loan money to a company that lies and says it doesn't while it blatantly does, like Gazprom, making it all pretty hypocritical.

That's probably your point, yes?
Please tell us about your experience in the Alaskan oil patch and why you think it's hazardous for us to develop our oil fields while lending money to Russia (who has a horrible environmental track record in regards to oil development) for Arctic oil & gas development is ok. I've worked in both oil patches ... Russia (Sakhalin Island) and Alaska and I'm telling you now a blind man could see the difference.
Posted on Reply
#8
R-T-B
Russia is less exploited in parts, but that's not the point. I think you missed the line where I agreed with you it's complete hypocrisy. I'm also fully aware Russia likely has worse environmental controls than us.

I just needed further reading as I initially admitted. Please excuse my skeptic nature here as it seems in the end, you are right.
Posted on Reply
#9
claes
It probably has something to do with the displacement of indigenous “Alaskan” people and the 30+ year political debate around ANWR
Posted on Reply
#10
Why_Me
claesIt probably has something to do with the displacement of indigenous “Alaskan” people and the 30+ year political debate around ANWR
There is no displacement of Alaskan natives.
Posted on Reply
#11
claes
I thought that the Inupiaq lived there? You seem to know a lot about this — what about the wildlife refuge? Or maybe they didn’t invest in drilling somewhere else in the Arctic? I don’t know anything about this bank :)

Edit: actually I just read that yahoo article it absolutely has to do with ANWR, but you’re right about them being one of a million sleazy banks
Posted on Reply
#12
Why_Me
claesI thought that the Inupiaq lived there? You seem to know a lot about this — what about the wildlife refuge? Or maybe they didn’t invest in drilling somewhere else in the Arctic? I don’t know anything about this bank :)

Edit: actually I just read that yahoo article it absolutely has to do with ANWR, but you’re right about them being one of a million sleazy banks
There's two native villages in ANWR (which is the size of the state of South Carolina) with a total combined population of less than 2,000 Eskimos.


Posted on Reply
#13
64K
R-T-BYou do know banks would probably lend money to a serial killer who stole his victims wallets if it was legal and they could make money without PR damage, right?

They aren't exactly a bastion of morality, or in it for friendship. They are in it for money.

That's all I'm saying.
Just like every other business is in it for money. What is your point?
Posted on Reply
#14
claes
I can see that you’re really excited about drilling in the Arctic National Wildlife Refuge and support President Trump’s decision to open it up for development but are uninterested in the 30 year debate surrounding the issue. That’s fine, but there’s 30 years of debate you’re ignoring by 1) dishonestly denying people live there and 2) admitting to being dishonest and then dismissing those people with the red herring that it’s a small land mass.

There’s also the whole “wildlife refuge” part of the debate, but that’s another story.

Source: I researched both sides of this debate for eight years for college and high school debaters. The research overwhelmingly says that drilling in ANWR is undesirable (likely a small reserve and terrible for the environment).

It’d be a PR nightmare for any oil firm, which begs the question — who cares other than people who live in the Cold War? What is this other than jingoistic nationalism?
Posted on Reply
#15
Why_Me
claesI can see that you’re really excited about drilling in the Arctic National Wildlife Refuge and support President Trump’s decision to open it up for development but are uninterested in the 30 year debate surrounding the issue. That’s fine, but there’s 30 years of debate you’re ignoring by 1) dishonestly denying people live there and 2) admitting to being dishonest and then dismissing those people with the red herring that it’s a small land mass.

There’s also the whole “wildlife refuge” part of the debate, but that’s another story.

Source: I researched both sides of this debate for eight years for college and high school debaters. The research overwhelmingly says that drilling in ANWR is undesirable (likely a small reserve and terrible for the environment).

It’d be a PR nightmare for any oil firm, which begs the question — who cares other than people who live in the Cold War? What is this other than jingoistic nationalism?
Spent anytime on Alaska's North Slope? Try that for starters and add it to your research resume. The caribou herd on the Slope had quadrupled in size since the Alaska pipeline went into service in the late 70's. Oil & gas development up there has zero effect on the wildlife population other than its turned some Arctic foxes and polar bear into dumpster scavengers seeing how they go for the easy meal. I've yet to meet someone who's against developing that area who's actually spent anytime there.
Posted on Reply
#16
claes
Lived in Fairbanks on and off for three years, have done the research, was offered jobs by several law firms to argue for expansion (even though I was against it), you are still ignoring 30 years of debate on why people don’t want to drill there with red herrings, thanks though

Again, it is a PR nightmare, largely by non-partisan consensus, difficult area to expand in, US regulations are much more strict than Russia — there are a million reasons that the loan they have there was worse than the one in Russia other than the Russian mob or whatever your contention is
Posted on Reply
#17
Why_Me
claesLived in Fairbanks on and off for three years, have done the research, was offered jobs by several law firms to argue for expansion (even though I was against it), you are still ignoring 30 years of debate on why people don’t want to drill there with red herrings, thanks though

Again, it is a PR nightmare, largely by non-partisan consensus, difficult area to expand in, US regulations are much more strict than Russia — there are a million reasons that the loan they have there was worse than the one in Russia other than the Russian mob or whatever your contention is
Living in Fairbanks isn't anything like actually spending time up on the slope. Fact of the matter is slimy two faced banks such as Credit Agricole are using the climate change spiel to hose Alaska oil development while funding Russian Arctic oil & gas exploration.
Posted on Reply
#19
R-T-B
64KJust like every other business is in it for money. What is your point?
Not much anymore if you follow the dialog, not sure why people keep quoting me.
Posted on Reply
#20
Octopuss
Am I the only one who willingly admits he has no fucking idea what is this about?
Also what is this doing here? This is tech site, not economics.
But then again, that's btarunr posting, so anything weird and nonsense is possible .
Posted on Reply
#21
R-T-B
OctopussAm I the only one who willingly admits he has no fucking idea what is this about?
Also what is this doing here? This is tech site, not economics.
But then again, that's btarunr posting, so anything weird and nonsense is possible .
It is somewhat out of place other than being about micron, I agree.
Posted on Reply
#22
R-T-B
Why_MeMy post were about Credit Agricole which is mentioned multiple times in the OP.
I was talking about OP, not your posts. Pretty sure the other poster you quoted was too.

You're on topic, just this entire post is offtheme for the site.
Posted on Reply
#23
Why_Me
R-T-BI was talking about OP, not your posts. Pretty sure the other poster you quoted was too.

You're on topic, just this entire post is offtheme for the site.
btarunr keeps us up to date. He puts out more news on wtf is going on than any other tech site imo. With that said it seems like someone is always getting bent out of shape and trying to pull that cancel culture bs on his threads. If I don't like something I usually just skip past it.
Posted on Reply
#24
R-T-B
Why_Mebtarunr keeps us up to date. He puts out more news on wtf is going on than any other tech site imo. With that said it seems like someone is always getting bent out of shape and trying to pull that cancel culture bs on his threads. If I don't like something I usually just skip past it.
Well aren't we full of buzzwords.

I was just offering my opinion on the pieces relevance. "Cancel culture" need not apply. Glad you enjoy it.
Posted on Reply
#25
Why_Me
R-T-BWell aren't we full of buzzwords.

I was just offering my opinion on the pieces relevance. "Cancel culture" need not apply. Glad you enjoy it.
I wasn't referring to you in regards to my cancel culture remark.
Posted on Reply
Add your own comment
Copyright © 2004-2021 www.techpowerup.com. All rights reserved.
All trademarks used are properties of their respective owners.