Coats Group PLC Completion of $360m ESG-linked bank refinancing (9685U)
09 April 2021 - 6:02PM
UK Regulatory
TIDMCOA
RNS Number : 9685U
Coats Group PLC
09 April 2021
9 April 2021
Coats Group plc
Completion of $360m ESG-linked bank refinancing
Coats Group plc ('Coats' or the 'Company'), the world's leading
industrial thread manufacturer, today announces the completion of a
$360m ESG-linked bank refinancing.
The three year facility, with the ability for two one-year
extensions, has been secured at competitive market rates, on
substantially similar terms as the previous facility. It includes
an embedded ESG component which impacts the margin based on
performance against three of the Company's published sustainability
targets. These are a reduction in energy intensity, employee
engagement as part of the Great Place To Work(TM) certification
scheme, and the transition to thread made from recycled raw
materials.
For further detail on our Sustainability agenda and targets,
please see our Sustainability Report at
www.coats.com/en/Sustainability.
Jackie Callaway, Chief Financial Officer, said:
"We are delighted that the terms of the refinancing highlight
Coats' commitment to its Sustainability agenda as one of its three
strategic pillars, and the good progress the Company continues to
make towards its 2022 targets."
Enquiry details
+44 (0)7880 471
Investors Victoria Huxster Coats Group plc 350
Richard Mountain / +44 (0)20 3727
Media Nick Hasell FTI Consulting 1374
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About Coats Group plc
Coats is the world's leading industrial thread company. At home
in some 50 countries, Coats has a workforce of 17,000 people across
six continents. Revenues in 2020 were US$1.2bn. Coats' pioneering
history and innovative culture ensure the company continues leading
the way around the world. It provides complementary and value added
products, services and software solutions to the apparel and
footwear industries. It applies innovative techniques to develop
high technology Performance Materials threads, yarns and fabrics in
areas such as Transportation, Telecommunications and Energy, and
Personal Protection. Headquartered in the UK, Coats is a FTSE 250
company, a constituent of the FTSE4Good Index Series, a participant
in the UN Global Compact and a member of the Ellen MacArthur
Foundation. It has also committed to developing a long-term target
to reach net-zero emissions by 2050, the highest level of ambition
on climate under the Science Based Target initiative. To find out
more about Coats visit www.coats.com .
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