Kingfisher plc, the international home improvement retailer whose businesses include B&Q and Screwfix, announces today that it has entered into a £550m three-year revolving credit facility agreement with a group of its relationship banks.
The facility is linked to its new sustainability and community-based targets. Under the terms of the new credit facility agreement, which has a duration of three years with the possibility of two one-year extensions, Kingfisher will benefit from a lower interest rate if it delivers specific targets which are aligned with the Group’s Responsible Business plan.
As part of the plans, Kingfisher is committed to help tackle climate change by reducing carbon emissions from its business, products and supply chain. The target is to deliver 1.5°C science-based carbon reduction targets by FY 2025/26. The previous target was in line with the reductions required to keep global warming to 2°C.
Kingfisher is also committed to becoming forest positive by FY 2025/26 by creating more forests than it uses.
The credit facility target is to reach 100% sustainable wood and paper for its products by FY 2025/26, covering all retail banners across the Group. The current level for Kingfisher is 80.7%.
Bernard Bot, Kingfisher’s Chief Financial Officer, said: “This revolving credit facility shows our commitment to integrate our Responsible Business principles into all aspects of our business. Our Responsible Business plan is an integral part of our Powered by Kingfisher strategy and this facility links our ambitious sustainability and community targets with our financing activities. We are making great progress with our climate change and community programmes and I look forward to working with all our stakeholders on realising our commitments.”