SITA, a global Information Technology (IT) provider for the aviation industry, has signed a $400 milion inaugural sustainability-linked revolving credit facility over a minimum three-year term.
The backup facility will support the company’s general business needs, such as developing new solutions and strategies to alleviate the air transport industry’s challenges of today and in the future.
The syndication was oversubscribed. And as part of the arrangement, four new banks have signed up to support SITA, in addition to the company’s five existing banking partners, underlining investor confidence in the technology provider.
SITA’s robust cost control, effective cash management, and strengthening green credentials are factors contributing to investor interest.
This new backup syndicated facility will supersede the company’s previous bilateral committed lines and is now directly linked to pre-agreed environmental Key Performance Indicators (KPIs) and yearly targets, with a bonus or a malus on the interest margin depending on SITA’s performance.