PZ Cussons has announced a new £325m credit facility to drive forward its B Corp ambitions.
The facility’s pricing structure has been linked to the group’s sustainability framework ‘Better For All’, incorporating its environmental, social and governance (ESG) KPIs.
These KPIs are focused on achieving B Corp certification across all business units by 2026.
A one third reduction in virgin plastics by 2030 and carbon neutrality in operations by 2025 are also among its green goals.
It also aims for net zero emissions by 2045 and for packaging to be 100% recyclable, refillable or compostable by 2030.
The group set out its ESG targets earlier this year in its FY22 Annual Report.
The consumer goods company’s facility will incorporate both a term loan and revolving credit facility (RCF) structure, with maturity dates of up to November 2028.
This will replace the existing £325m RCF facility due to expire in November 2023.
Sarah Pollard, CFO of PZ Cussons, said the cosmetics maker was “delighted” to announce this refinancing.
"[It demonstrates] 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."
The credit facility has been arranged by BNP Paribas, which is acting Documentation Coordinator, and Lloyds Bank plc, which is acting Sustainability Coordinator.
PZ Cussons portfolio includes Carex, Charles Worthing, Fudge, Imperial Leather, St. Tropez and Child’s Farm, which it snapped up for £36.8m in March.
The group is also among 36 of cosmetics companies that backed a new environmental impact assessment system for beauty goods this year.
