Manchester-based household cleaning products firm McBride plc announced the signing of a €175 million multi-currency “Sustainability Linked Revolving Credit Facility.”
The company is one of Europe’s largest makers of retailer own brand household goods.
McBride said the facility is initially for a five year tenor with the option to be extended to September 30, 2027, and is provided by a “syndicate of supportive international bank lenders.”
The facility also includes a €75 million “uncommitted accordion feature which could provide additional commitments for potential acquisitions …”
The facility is aligned with the Loan Market Association “Sustainability Linked Loan Principles” and incorporates three sustainability performance targets.
Firstly, that McBride strives to reduce its environmental impact by increasing the percentage of energy from renewable sources from 5.9% in FY20 to 70% in FY26.
Secondly, that the company aims to significantly increase the post-consumer recycled content of polyethylene terephthalate (PET) plastic packaging sourced for manufacturing its products from 64% in FY20 to 94% in FY26.
And thirdly, that McBride targets “to source all the paper and card components responsibly via FSC approved suppliers, with % of virgin carton sourced from FSC approved suppliers increasing from 50% in FY20 to 100% in FY26.”