Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today announced that it has completed an amendment and restatement of the company's undrawn $3.0 billion revolving credit facility. Changes include an extension of the termination date by one year to May 2027, replacement of LIBOR with SOFR as the floating rate mechanism for any US dollar funds drawn down.

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today announced that it has completed an amendment and restatement of the company’s undrawn $3.0 billion revolving credit facility, including an extension of the termination date by one year to May 2027, replacement of LIBOR with SOFR as the floating rate mechanism related to the interest rate for any US dollar funds drawn down, and the establishment of sustainability-linked metrics.

The sustainability-linked metrics incorporated into the revolving credit facility are made up of annual environmental and social performance targets directly influenced by Barrick’s actions, rather than based on external ratings.

The performance targets include Scope 1 and Scope 2 greenhouse gas emissions intensity, water use efficiency (reuse and recycling rates), and Total Recordable Injury Frequency Rate (TRIFR)1. Barrick may incur positive or negative pricing adjustments on drawn credit spreads and standby fees based on its sustainability performance versus the targets that have been set.

Senior executive vice-president and chief financial officer Graham Shuttleworth said,

“The extension of the termination date of our undrawn credit facility, combined with our strong balance sheet, highlights the current strength of Barrick’s liquidity, while the establishment of sustainability-linked metrics, along with Barrick’s recently released 2021 Sustainability Report, continues to show Barrick’s commitment to ESG.”

Barrick’s long-term credit is currently rated BBB+ and Baa1 by S&P Global Ratings and Moody’s Investors Service, respectively.

Source: Barrick news