(Sharecast News) - Home improvement retailer Kingfisher has entered into a £550.0m three-year revolving credit facility agreement with a group of its banks.
Kingfisher said on Wednesday that under the terms of its new credit facility agreement, which has a duration of three years and the possibility of two one-year extensions, it would benefit from a lower interest rate if it can deliver specific targets related to its "ambitious" responsible business plan.
The FTSE 100-listed group stated the linked targets would see it help to tackle climate change, create more forests than what it uses and fight to fix bad housing.
Kingfisher also added that its new credit facility replaced two existing facilities - a £225.0m one expiring in March 2022 and a £550.0m one, most of which expires in August 2023.
Chief financial officer Bernard Bot said: "This revolving credit facility shows our commitment to integrate our responsible business principles into all aspects of our business. Our responsible business plan is an integral part of our Powered by Kingfisher strategy and this facility links our ambitious sustainability and community targets with our financing activities."
As of 0810 BST, Kingfisher shares were down 0.42% at 359.90p.
Kingfisher (KGF)18 Jun 2024 14:42
