Fasken represented Canadian Imperial Bank of Commerce (CIBC), as Adminstrative Agent agent, BNP Paribas, as ESG Coordinator, and the bank syndicate in WSP Global Inc. and WSP Canada Inc.’s USD $1.8 billion sixth amended and restated revolving credit facility, which included an ESG component pursuant to which the borrowing costs on the credit facility decrease or increase as sustainability targets are met or missed.
Canadian Imperial Bank of Commerce, BMO Capital Markets and National Bank Financial are Co-Lead Arrangers and Joint Bookrunners on the credit facility and BNP Paribas acted as Sustainability (ESG) Coordinator, working with WSP to integrate the sustainability targets into the credit facility.
WPS Global became the first professional services firm in the Americas to secure sustainability-linked terms for its syndicated credit facility. This transaction is one of the very first ESG-linked credit facilities to be implemented in Canada.
A Fasken team led by Marc Novello including Martin Racicot and Svetlana Samochkine represented CIBC and BNP Paribas in connection with this matter.
