During these difficult times, we are especially happy to congratulate UPM - The Biofore Company as one of the first companies to link the pricing mechanism of a syndicated revolving credit facility (RCF) to biodiversity and climate targets. Danske Bank is proud to have been one of the Mandated Lead Arrangers and Bookrunners in this EUR 750m arrangement. The margin of the financing is adjusted based on UPM’s ability to meet two sustainability criteria:

> First, achievement of a net positive impact on biodiversity in the company’s own forests in Finland. 
> Secondly, a 65% reduction of CO2 emissions from fuels and purchased electricity by 2030 from 2015 levels, which in line with UPM’s commitment to UN Business Ambition for 1.5°C.