Global specialty minerals company ICL, formerly known as Israel Chemicals Ltd., (ICL) recently announced that it has secured a sustainability linked loan worth €250 million. The term of the loan is for five years with a fixed annual interest rate of 0.8%.
Following the news, shares of the company declined marginally to close at $7.13 in extended trade on Monday.
With this loan, the company’s sustainability efforts, including its target to reduce direct and indirect Scope 1 and Scope 2 CO₂e emissions resulting from ICL global operations by 4% to 5%, will get a boost.
The company is also planning to expand its participation in Together for Sustainability (Tfs), a global initiative dedicated to developing and implementing a global supplier engagement program that assesses and improves sustainability sourcing practices and increases representation of women among its senior management.
The CEO of ICL, Raviv Zoller, said, “ICL is proud to be a leader in sustainability practices, including becoming the first company in Israel and among its peers to execute a sustainability linked loan – a logical next step in our mission to transform from a company that extracts minerals to a company that uses its minerals to create sustainable solutions for humanity.” (See ICL stock chart on TipRanks)
The stock has a Hold consensus rating based on 1 Buy. Last month, Barclays analyst Duffy Fischer reiterated a Hold rating on the stock with a price target of $8 (upside potential of 12.2%). Shares of the company have gained 100.3% over the past year.
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