1st Jun 2021 14:01
Kingspan Group PLC - Kingscourt, Ireland-based building materials - Signs new "planet passionate" credit facility for EUR700 million maturing in 2026. This revolving credit facility replaces the company's previous credit line of EUR451 million and acquisition facilities of EUR300 million. The facility is provided by a syndicate of 10 leading international banks and will be used for general corporate purposes, the company said.
Kingspan said the "planet passionate" credit facility is linked to environmental, social, and corporate governance commitments. The company receives pricing incentives based on its attainment of its own "planet passionate" commitments. Kingspan's sustainability goals for 2030 are laid out in a report issued in April and include achieving net zero carbon emissions and reducing the carbon intensity of its raw materials by 50%.
Chief Financial Officer Geoff Doherty said: "We are very pleased to complete this financing with a top tier of international banks, who can support Kingspan in all of our key markets, regionally and globally. When combined with the green private placement bond of EUR750 million completed in December 2020, Kingspan has arranged EUR1.45 billion of sustainable debt funding over the last six months."
Current stock price: EUR78.32
Year-to-date change: up 36%
By Scarlett Butler; [email protected]
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