Completion of $360m ESG-linked bank refinancing

RNS Number : 9685U

Coats Group PLC

09 April 2021

 

9 April 2021

Coats Group plc

Completion of $360m ESG-linked bank refinancing

Coats Group plc ('Coats' or the 'Company'), the world's leading industrial thread manufacturer, today announces the completion of a $360m ESG-linked bank refinancing.

The three year facility, with the ability for two one-year extensions, has been secured at competitive market rates, on substantially similar terms as the previous facility. It includes an embedded ESG component which impacts the margin based on performance against three of the Company's published sustainability targets.  These are a reduction in energy intensity, employee engagement as part of the Great Place To Work™ certification scheme, and the transition to thread made from recycled raw materials.

For further detail on our Sustainability agenda and targets, please see our Sustainability Report at www.coats.com/en/Sustainability.

Jackie Callaway, Chief Financial Officer, said:

"We are delighted that the terms of the refinancing highlight Coats' commitment to its Sustainability agenda as one of its three strategic pillars, and the good progress the Company continues to make towards its 2022 targets."

Enquiry details
Investors	Victoria Huxster	Coats Group plc	[phone]
Media	Richard Mountain / Nick Hasell	FTI Consulting	[phone]

About Coats Group plc

Coats is the world's leading industrial thread company. At home in some 50 countries, Coats has a workforce of 17,000 people across six continents. Revenues in 2020 were US$1.2bn. Coats' pioneering history and innovative culture ensure the company continues leading the way around the world. It provides complementary and value added products, services and software solutions to the apparel and footwear industries. It applies innovative techniques to develop high technology Performance Materials threads, yarns and fabrics in areas such as Transportation, Telecommunications and Energy, and Personal Protection. Headquartered in the UK, Coats is a FTSE 250 company, a constituent of the FTSE4Good Index Series, a participant in the UN Global Compact and a member of the Ellen MacArthur Foundation. It has also committed to developing a long-term target to reach net-zero emissions by 2050, the highest level of ambition on climate under the Science Based Target initiative. To find out more about Coats visit www.coats.com .

 

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