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(Alliance News) - PZ Cussons PLC on Monday said it had agreed a new financing deal connected to its sustainability framework.
The Manchester-based manufacturer of personal care brands such as Imperial Leather agreed a new GBP325 million committed credit facility, provided by a syndicate of lenders.
The credit facility includes a term loan and a revolving credit facility, with maturity dates of up to November 2028. It replaces the existing GBP325 million RCF facility due to expire in November 2023.
The facility includes a pricing structure linked to PZ Cussons' sustainability framework, 'Better For All'. The framework incorporates ESG key performance indicators focused on achieving B Corp certification, reduction in virgin plastic packaging and reducing carbon emissions.
B Corp Certification is a designation that a business is meeting high standards of verified performance, accountability, and transparency on factors from employee benefits and charitable giving to supply chain practices and input materials.
Chief Financial Officer Sarah Pollard said: "We are delighted to announce this refinancing, demonstrating our commitment to embed our sustainability framework into all parts of our business, while achieving attractive commercial terms. We are grateful for the support of our lending syndicate in this highly innovative facility."
Shares in PZ Cussons ended 1.0% higher at 206.00 pence each in London on Monday.
By Chris Dorrell; chrisdorrell@alliancenews.com;
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