15th Dec 2021 10:43
(Alliance News) - Marks & Spencer Group PLC announced on Wednesday it had signed for a new GBP850 million revolving credit facility, linked to climate goals.
The London-based retailer said that the credit facility will run until June 2025 and will replace the existing facility which was due to mature in April 2023.
Under the terms of its new credit facility, M&S will benefit from a lower interest rate if it delivers targets aligned to its net-zero carbon emission roadmap. M&S aims for net zero scope three emissions by 2040. Scope three emissions include direct and indirect emissions of the company itself, as well as those of its suppliers.
M&S has worked with BNP Paribas SA, the Paris-based banking group, as its sustainability coordinator and the structuring of the facility, which it said aligns with the guidelines set out by the sustainability-linked loan principles published by the Loan Market Association in May.
Shares in M&S were down 0.4% at 227.84 pence on Wednesday morning in London.
By Heather Rydings; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Marks & Spencer