Australian supermarket, Coles Group announced last week that it had successfully refinanced A$ 1.3 billion of committed facilities, establishing a link to sustainability targets.
The four-year revolving credit facilities constitute the first Sustainability Linked Loan SLL for an Australian retail company. ANZ, BNP Paribas and Rabobank acted as sustainability co-ordinators for the transaction.
Used to finance general corporate funding requirements, the SLL is linked to a number of sustainability targets, which if achieved, will see the supermarket benefit from margin adjustments.
An independent third party will measure and report on Coles’ performance on an annual basis, relative to the agreed Key Performance Indicators...