Cussons agrees new £325m credit facility

Manchester-based consumer products company PZ Cussons said it has agreed a new £325 million committed credit facility, provided by a syndicate of lenders.

The new credit facility was arranged by BNP Paribas and Lloyds Bank plc.

The credit facility incorporates both a term loan and revolving credit facility (RCF) structure, with maturity dates of up to November 2028, and replaces the existing £325 million RCF facility due to expire in November 2023.

The facility includes a pricing structure linked to PZ Cussons’ new sustainability framework called “Better For All” that incorporates ESG Key Performance Indicators (KPIs) focused on achieving B Corp certification, reduction in virgin plastic packaging and reducing carbon emissions.

PZ Cussons Chief Financial Officer Sarah Pollard said: “We are delighted to announce this refinancing, demonstrating our commitment to embed our sustainability framework into all parts of our business, while achieving attractive commercial terms.

“We are grateful for the support of our lending syndicate in this highly innovative facility.”

Cussons said its guidance of FY23 net interest charge of £4 million is unchanged as a result of the refinancing.