PZ CUSSONS PLC New Credit Facility Linked to B Corp Ambitions (1998G)
14 Novembre 2022 - 8:00AM
UK Regulatory
TIDMPZC
RNS Number : 1998G
PZ CUSSONS PLC
14 November 2022
14 November 2022
PZ CUSSONS ANNOUNCES INNOVATIVE NEW CREDIT FACILITY LINKED TO B
CORP AMBITIONS
PZ Cussons plc ("PZ Cussons", "the Group", "the Company") today
announces that it has agreed a new GBP325 million committed credit
facility, provided by a syndicate of lenders. 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 GBP325 million RCF facility due to expire in November
2023.
The facility includes a pricing structure linked to PZ Cussons'
new sustainability framework - "Better For All" - incorporating ESG
Key Performance Indicators (KPIs) focused on achieving B Corp
certification, reduction in virgin plastic packaging and reducing
carbon emissions*.
Sarah Pollard, Chief Financial Officer of PZ Cussons, 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."
Sustainability is core to the way PZ Cussons operates and in its
FY22 Annual Report the Group set out new ESG targets and will set
more in FY23 as it continues to build its strategy. These are
designed to be stretching enough to demonstrate real progress to
stakeholders, but also reflective of the size and complexity of the
Group, and the progress it has already made in many areas.
The new sustainability framework, aligned to PZ Cussons'
Purpose, " For everyone, for life, for good" and set out in the
FY22 Annual Report, includes:
-- B Corp certification across all business units by 2026;
-- Net zero emissions by 2045, with carbon neutrality in operations by 2025; and
-- A one third reduction in virgin plastics by 2030, and
ensuring packaging is 100% recyclable, refillable or compostable by
2030.
The Group's guidance of FY23 net interest charge of GBP4 million
is unchanged as a result of the refinancing. The new credit
facility was arranged by BNP Paribas ("BNPP") and Lloyds Bank plc
("Lloyds Bank"), with BNPP also acting as Documentation Coordinator
and Lloyds Bank as Sustainability Coordinator.
*Scope 1 & 2 emissions, with a commitment to include Scope 3
targets during the life of the facility
For further information please contact:
Investors
Simon Whittington - IR and Corporate Development Director +44 (0) 77 1137 2928
Media
Headland PZCussons@headlandconsultancy.com +44 (0) 20 3805 4822
Susanna Voyle, Stephen Malthouse, Charlie Twigg
Notes to editors
About PZ Cussons
PZ Cussons is a FTSE250 listed consumer goods business,
headquartered in Manchester, UK. We employ nearly 3,000 people
across our operations in Europe, North America, Asia-Pacific and
Africa. Since our founding in 1884, we have been creating products
to delight, care for and nourish consumers. Across our core
categories of Hygiene, Baby and Beauty, our trusted and well-loved
brands include Carex, Childs Farm, Cussons Baby, Imperial Leather,
Morning Fresh, Original Source, Premier, Sanctuary Spa and
St.Tropez. Sustainability and the wellbeing of our employees and
communities everywhere are at the heart of our business model and
strategy, and captured by our purpose: For everyone, for life, for
good.
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END
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