REG - PZ CUSSONS PLC - New Credit Facility Linked to B Corp Ambitions

PZ CussonsAnnouncement

14/11/2022 07:00

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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 £325 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 £325 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 £4 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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