MARKS AND SPENCER GROUP PLC

M&S SIGNS NEW £850M REVOLVING CREDIT FACILITY LINKED TO ITS PLAN A NET ZERO TARGETS

Marks & Spencer has agreed a new £850m Revolving Credit Facility. The terms of the new Revolving Credit Facility run until June 2025 and replace the existing facility, which was due to mature in April 2023.

Following the reset of its Plan A programme in September, the new facility is linked to the delivery of its net zero scope 3 target by 2040. Under the terms of its new credit facility, M&S will benefit from a lower interest rate if it delivers targets aligned to its net zero roadmap. The designated metrics span the M&S value supply chain to support its scope 3 net zero goal. M&S has worked with BNP Paribas as its sustainability coordinator and the structuring of this facility aligns with the guidelines set out by the Sustainability-Linked Loan Principles, published by the Loan Market Association in May 2021.

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