Spirits giant Pernod Ricard has announced the signing of a 'sustainability-linked' loan of €2.1 billion, in order to refinance in advance an existing facility expiring June 2024.
The refinancing facility is linked to two environmental commitments at the Jameson whiskey owner – a reduction in absolute greenhouse gas emissions (Scopes 1 and 2) on operated sites; and reduction of water consumption per unit produced at its distilleries.
Sustainability-Linked Financing Framework
Both commitments were outlined in Pernod Ricard's 2022 Sustainability-Linked Financing Framework, and 'address stringent sustainability challenges for us and our industry,' the company said in a statement.
The drinks firm previously launched two sustainability-linked bond issues in 2022, linked to the same KPIs.
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'Good Times From A Good Place'
“As part of our Sustainability & Responsibility roadmap 'Good Times from a Good Place', we're committed to preserving the world's natural resources by reducing carbon emissions, water consumption and waste throughout our value chain," commented Vanessa Wright, chief sustainability officer, Pernod Ricard.
"The group's recent sustainability-linked facility is another demonstration of our drive to reduce our environmental footprint and protect the natural ecosystems, where we source all the ingredients that make our iconic brands.”
Some 22 banks have committed to a new credit facility that includes two one-year extension options and has an initial maturity date of April 2028. BNP Paribas acted as the coordinator and documentation agent, while Crédit Agricole CIB acted as the ESG coordinator for this transaction.
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