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Kingfisher signs £550m responsible credit facility

The group will benefit from lower interest rates if the responsible business plan’s targets are met, with a two-year extension also a possibility

Kingfisher, the owner of B&Q and Screwfix, has signed a £550m three-year revolving credit facility agreement linked to responsible business targets.

Through the agreement, Kingfisher will benefit from lower interest rates if the responsible business plan’s targets are met, with a two-year extension also a possibility.

The targets focus on supporting the fight against climate change, creating net positive forests, and helping to tackle bad housing.

More specifically, the home improvement retailer will be tasked with reducing direct fuel emissions and electricity usage from its operations.

The group will also be responsible for reaching 100% sustainable wood and paper products by FY26, and supporting two million people with their housing needs in the same period.

Bernot Bot, CFO at the company, said that the revolving credit facility shows the company’s “commitment to integrate our responsible business principles into all aspects of our business”.

He added: “Our responsible business plan is an integral part of our powered by Kingfisher strategy and this facility links our ambitious sustainability and community targets with our financing activities. 

“We are making great progress with our climate change and community programmes and I look forward to working with all our stakeholders on realising our commitments.”

The agreement replaces two existing facilities of £225m and £550m due to expire in March 2022 and August 2023 respectively.

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