General Mills Becomes First U.S. Consumer Packaged Goods Company to Enter Into a Sustainability-Linked Revolving Credit Facil...
April 15 2021 - 8:35AM
Business Wire
General Mills (NYSE: GIS) today announced it has renewed its
five-year $2.7 billion revolving credit facility, which now
includes a pricing structure that is tied to environmental impact
metrics. General Mills is the first U.S. consumer packaged goods
company to put in place a sustainability-linked revolving credit
facility.
By entering into the revolving credit facility, General Mills
receives a pricing adjustment based on its performance against
environmental criteria during the credit facility’s term. General
Mills will be measured on progress in two key areas: reducing
greenhouse gas emissions in owned operations and using renewable
electricity for global operations. Sustainability performance will
be measured and communicated in General Mills’ annual Global
Responsibility Report.
“For General Mills, regenerating the earth’s natural resources
is both a business and environmental imperative,” said Kofi Bruce,
chief financial officer, General Mills. “Integrating General Mills’
environmental impact metrics into this financing structure
underscores our commitment to drive resilience for the planet, its
resources and its people.”
The amendment extends the maturity of the credit facility to
2026 and includes 20 of the company’s banking partners. Joint lead
arrangers and joint book runners on this transaction include BofA
Securities, Inc., JPMorgan Chase Bank, Barclays Bank PLC, Citibank,
N.A, Deutsche Bank Securities Inc., and BNP Paribas. BofA
Securities, Inc. is acting as the Sustainability Coordinator.
“We applaud General Mills for the leadership they have shown in
using the sustainability-linked loan market to demonstrate their
commitment to ESG and corporate responsibility,” said Steven
Nichols, head of ESG Capital Markets for the Americas, BofA
Securities.
About General Mills
General Mills is a leading global food company whose purpose is
to make food the world loves. Its brands include Cheerios, Annie's,
Yoplait, Nature Valley, Häagen-Dazs, Betty Crocker, Pillsbury, Old
El Paso, Wanchai Ferry, Yoki, BLUE and more. Headquartered in
Minneapolis, Minnesota, USA, General Mills generated fiscal 2020
net sales of U.S. $17.6 billion. In addition, General Mills’ share
of non-consolidated joint venture net sales totaled U.S. $1.0
billion.
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