THE WHAT? PZ Cussons has announced that it has agreed a new £325 million credit facility, which includes a pricing structure linked to the manufacturer of St Tropez’s new sustainability framework.
THE DETAILS The company set out new ESG targets in its FY22 annual report and is aiming to achieve B Corp certification across all business units by 2026, net zero emissions by 2045 and a third reduction in virgin plastics by 2030.
The group’s guidance of FY23 net interest charge of £4 million is unchanged as a result of the refinancing.
THE WHY? 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.”