M&S signs its first sustainability linked loan facility

YarnsandFibers News Bureau 2021-12-17 07:42:08 – United Kingdom

British multinational retailer, Marks & Spencer has signed an agreement for a new £850 million revolving credit facility tied to its net-zero aspirations.

The new facility is linked to M&S's goal to achieve net-zero across its entire supply chain and products by 2040, after the reset of its Plan A plan in September.

M&S will benefit from a lower interest rate under the terms of its new facility if it meets milestones that are aligned with its net-zero roadmap.

To support M&S's scope of three net-zero targets, the selected measures span the value supply chain.

As its sustainability coordinator, M&S collaborated with BNP Paribas. The Sustainability-Linked Loan Principles, released by the Loan Market Association in May 2021, outline how this facility should be structured.

The new revolving credit facility will be in effect until June 2025, replacing an old arrangement that was set to expire in April 2023.

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