“We are delighted to support the transition to new benchmark interest rates with this, market leading, syndicated SOFR facility,” said Russell O’Brien, group treasurer at Shell. “This is an innovative deal which also demonstrates Shell’s broad-based commitment to reducing the Net Carbon Footprint of the energy products we sell. We appreciate the strong support and commitment from our relationship banks.”Shell has set an ambition to reduce the Net Carbon Footprint of the energy products it sells by around 50% by 2050 and by 20% by 2035 in step with society as it moves towards meeting the aims of the Paris Agreement. Shell has also set a three-year target to reduce its Net Carbon Footprint by 2% to 3% by 2021 as compared to 2016.
The $10bn unsecured revolving credit facility consists of a five-year, $8 billion revolving credit facility, and a one-year, $2 billion facility. Each facility includes two one-year extension options at the discretion of each lender.Bank of America and Barclays Bank acted as joint co-ordinators for the facility.
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