Fasken acted as lead counsel to the Administrative Agent and Lenders on a Canadian-law governed US$2,000,000,000 revolving term credit facility established for Wheaton Precious Metals Corp. (“Wheaton”) pursuant to which interest rate pricing is in part determined by sustainability-linked Environment, Social, and Governance (“ESG”) performance targets.
Under the ESG revolving credit facility, the interest rate paid on drawn amounts and standby fees will be adjusted upwards or downwards based upon Wheaton's performance in three sustainability-related areas:
- Wheaton's attributable emissions from third-party mining partners operations covered by science-based emissions targets;
- Diversity at the Wheaton group's board and management levels; and
- Wheaton's S&P ESG score.
The ESG revolving credit facility is aligned with Wheaton's sustainability strategy, which includes a commitment to net zero carbon emissions by 2050.
Fasken represented the syndicate of lenders co-led by The Bank of Nova Scotia and Bank of Montreal in connection with this transaction with a team led by Thomas Meagher and including Daniel Leslie, Jason McMurtrie (Paralegal/Law Clerk), Jennifer Law (Paralegal/Law Clerk), and Christopher Steeves (Tax).
- Cayman Islands