Last checked at 9 Apr 2021 09:02
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
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Investors | Victoria Huxster | Coats Group plc | +44 (0)7880 471 350 |
Media | Richard Mountain / Nick Hasell | FTI Consulting | +44 (0)20 3727 1374 |
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.