Guess has taken into a revolving credit facility of £214 million (€250 million) through its Swiss subsidiary, Guess Europe Sagl, in order to meet its sustainability goals.
The facility has a five-year initial term, with the option of extending the maturity date by up to two years and expanding the facility by up to £85.7 million (€100 million), subject to certain circumstances. It also replaces short-term borrowing arrangements totaling £102 million (€120 million) with several institutions.
The Guess Sustainability Plan, which is linked to the new facility, focuses on three main pillars: 'Operating with Integrity,' 'Empowering our People,' and 'Protecting the Environment.'
The interest rate for the new facility will be adjusted annually under the third pillar based on the achievement of specific sustainability goals such as lowering greenhouse gas emissions, increasing the use of sustainably sourced materials, and increasing the penetration of the company's Guess ECO products.
Carlos Alberini, CEO of Guess, Inc, said that their new €250 million European credit facility underscores the significance of the European area to their total company as their largest division, as well as their lenders' trust in their plan.
Alberini added that they’re strongly dedicated to our aim of environmental protection and consider sustainability as completely integrated into their activities. This new credit facility will not only give additional access to longer-term funding but will also match financial incentives with their sustainable objectives. In their Company, they continue to make long-term decisions and conduct long-term actions.
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