Sustainability Linked Revolving Credit Facility

RNS Number : 1461Y

McBride PLC

11 May 2021

 

11 May 2021

McBride plc

Sustainability Linked Revolving Credit Facility

McBride plc (the "Group"), the leading European manufacturer and supplier of Private Label and Contract Manufactured products for the domestic household and professional cleaning and hygiene markets, is pleased to announce the signing of a EUR175m multi-currency "Sustainability Linked Revolving Credit Facility" (the "Facility"). The Facility is initially for a five year tenor with the option to be extended to 30 September 2027 and is provided by a syndicate of supportive international bank lenders. The Facility also includes a EUR75m uncommitted accordion feature which could provide additional commitments for potential acquisitions in support of our Compass strategy.

The Facility, which is aligned with the Loan Market Association "Sustainability Linked Loan Principles", incorporates three sustainability performance targets which are central to McBride's commitment to maintaining a responsible business and to actively contribute to a more sustainable future:

1.  Renewable energy: McBride strives to reduce its environmental impact by increasing the percentage of energy from renewable sources from 5.9% in FY20 to 70% in FY26;

2.  Recycled content: As plastics are a significant element in many of the final products of McBride, the company targets to significantly increase the post-consumer recycled content of polyethylene terephthalate (PET) plastic packaging sourced for manufacturing its products from 64% in FY20 to 94% in FY26;

3.  Responsible sourcing: McBride targets to source all the paper and card components responsibly via FSC® approved suppliers, with % of virgin carton sourced from FSC® approved suppliers increasing from 50% in FY20 to 100% in FY26.

Successful achievement of the annual targets results, which will be outlined in full in the FY21 Annual Report, will result in the earning of a discount on the margin of the Facility.

McBride plc
Mark Strickland, Chief Finance Officer	0161 203 7401
FTI Consulting LLP
Ed Bridges, Nick Hasell	020 3727 1000

 

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