Last Updated on: 5th July 2023, 11:53 pm
Mondi PLC announced on Friday that it has signed a new multi-currency credit agreement for €750 million over 5 years related to its sustainable development targets by 2030.
The new facility will be used to refinance the existing €750 million facilities, which should mature in July 2022, said the Addlestone, England-based paper and packaging company.
CFO Mike Powell said, “We are pleased to align our funding with our sustainability framework. Sustainable development is at the center of our goal, our culture, and our strategy to generate value-creating growth for the benefit of all of our stakeholders. The Group’s financial position remains unchanged. RCF will expand the maturity profile of our liabilities and strengthen solid relationships with our banking partners.”
Under the terms of the agreement, the margin will be adjusted based on the Group’s performance towards its sustainable development goals. The facility was self-arranged with 10 house banks including Barclays PLC, BBVA, Bank of America Corp, and BNP Paribas SA.
Mondi shares rose 0.7% to ZAR 368.78 in Johannesburg and 0.1% to 1,916 pence each in London on Friday morning.
About The Mondi Group
Mondi is a global leader in packaging and paper, contributing to a better world by developing innovative packaging and paper solutions with sustainable design.
Our company is integrated into the entire value chain – from forestry and the production of pulp, paper, and plastic films to the development and manufacture of efficient industrial and consumer packaging solutions.
Sustainability is at the center of our strategy and is an integral part of our business activities. We are industry leaders with our customer-centric approach, EcoSolutions, where we ask the right questions to find the most sustainable solution.
In 2020, Mondi had sales of EUR 6.66 billion and an adjusted EBITDA of EUR 1.35 billion. Mondi has a premium listing on the London Stock Exchange (MNDI) and a secondary listing on JSE Limited (MNP).
Mondi is part of the FTSE 100 and has been part of the FTSE4Good index series since 2008 and of the FTSE / JSE Responsible Investment Index Series since 2007.
