Eastman Amended $1.5B Revolving Credit Facility Includes Sustainability-Linked Terms

Eastman Chemical Company (NYSE: EMN), today announced amendments to and extension of its $1.5 billion five-year unsecured revolving credit facility (the “Credit Agreement”). The amendments include extension of the term of the existing $1.5 billion unsecured revolving credit agreement that was scheduled to expire in October of 2023 and addition of sustainability-linked pricing terms.

The term of the Credit Agreement is extended to December 3, 2026, with provisions to extend the maturity by up to two more years and to increase available borrowings to $2 billion. In addition to the company’s credit ratings, fees for the Credit Agreement will be based on Eastman performance in three sustainability-linked areas -- reduction in greenhouse gas emissions, plastic waste recycling, and increased percent of women in professional or managerial roles.

Willie McLain, senior vice president and chief financial officer, said, “Linking our revolving credit facility to our sustainability objectives supports our drive to create a sustainable and inclusive environment that holistically addresses climate change and the plastic waste crisis.”

More details on Eastman’s sustainability and inclusion and diversity commitments and progress can be found in its 2020 Sustainability Report and 2021 Inclusion and Diversity Report. The principal terms of the Credit Agreement are described in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Other Financial Information – Credit Facility and Commercial Paper Borrowings” of the Company’s Quarterly Report on Form 10-Q for the third quarter of Form 10-Q, and the amended Credit Agreement will be filed as an exhibit to the Annual Report on Form 10-K for 2021.

The amended Credit Agreement was entered into with 15 banks, led by Citibank N.A. as administrative agent, joint lead arranger and co-sustainability agent. Other joint lead arrangers on this transaction are BofA Securities, Inc., JPMorgan Chase Bank, N.A., and Mizuho Bank, LTD which also serves as the co-sustainability agent. Syndication agents are Bank of America, N.A, JPMorgan Chase Bank, N.A., and Mizuho Bank, LTD. Document agents are Barclays Bank PLC, Morgan Stanley Bank, N.A., Truist Bank, and Wells Fargo Bank, National Association.

Founded in 1920, Eastman is a global specialty materials company that produces a broad range of products found in items people use every day. With the purpose of enhancing the quality of life in a material way, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. The company's innovation-driven growth model takes advantage of world-class technology platforms, deep customer engagement, and differentiated application development to grow its leading positions in attractive end-markets such as transportation, building and construction, and consumables. As a globally inclusive and diverse company, Eastman employs approximately 14,000 people around the world and serves customers in more than 100 countries. The company had 2020 revenues of approximately $8.5 billion and is headquartered in Kingsport, Tennessee, USA. For more information, visit www.eastman.com.

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