22nd May 2018 09:41
LONDON (Alliance News) - Renewi PLC said Tuesday that it has extended and converted its main banking facility into a EUR550 million green loan.
Under the green certification, the waste-to-product company will benefit from a lower margin payable on its borrowings if it achieves five sustainability objectives including increases in recycling and recovery rates and growth in carbon avoidance.
The facility had been extended to May 2023, with the option to prolong it for further two years.
Chief Financial Officer Toby Woolrych said: "We are delighted with this green conversion of our banking facilities with our six banks and to do so using this innovative and ground-breaking Green Framework."
"This facility secures our funding for the long term and demonstrates that our focus on sustainability is matched with our approach to financing. This summer we will be committing to ambitious new sustainability objectives and this facility ensures that by giving new life to used materials we can also reduce the costs of our funding." he added.
Renewi shares were trading 0.4% lower Tuesday morning at 70.10 pence each.
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