Uponor signs a new revolving credit facility with its pricing mechanism linked to the company's sustainability targets
Uponor Corporation, Investor news, 29 March 2022 at 15:45 EET
Uponor signs a new revolving credit facility with its pricing mechanism linked to the company's sustainability targets
Uponor has signed a new EUR 50 million five-year revolving credit facility ("RCF") with two one-year extension options and introduced a sustainability pricing mechanism linking the margin of the RCF to Uponor's science-based targets for climate action:
1) 46% reduction in greenhouse gas emission from Uponor’s own operations by 2030 compared to the 2019 base level
2) 14% reduction in greenhouse gas emissions attributed to Uponor’s upstream supply chain by 2030 compared to the 2019 base level
The margin of the RCF will increase or decrease depending on Uponor’s progress towards reaching these targets. Uponor now has four EUR 50 million bilateral revolving credit facilities in force, of which two are linked to the company’s sustainability targets.
Markus Melkko, Chief Financial Officer (CFO) at Uponor, said: "Linking the pricing of the revolving credit facility to our sustainability targets is an important step towards demonstrating our broad-based commitment to our sustainability priorities. The new agreement is a continuation to the sustainability-linked term loans and revolving credit facility agreement which we executed last year."
Uponor's climate targets are validated by the Science Based Targets initiative (SBTi), ensuring that Uponor's greenhouse gas emissions targets and paths towards those targets are independently validated to be in line with the Paris Agreement goal "to pursue efforts to limit the increase in global average temperature to 1.5°C above pre-industrial levels". Science Based Targets initiative is a collaboration between the international not-for-profit organization CDP, the United Nations Global Compact (UNGC), World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). As part of the new Uponor Group strategy and ambition to lead the construction industry towards net zero, a new set of ESG targets with more ambitious target levels were launched in March 2022. These new target levels will be presented for validation by SBTi during 2022. More information on our sustainability targets is available at uponorgroup.com.
Further information:
Uponor Corporation
Markus Melkko
Chief Financial Officer
Tel. +358 20 129 2038
Jesse Räisänen
Vice President, Treasury
Tel. +358 20 129 2016
Uponor in brief
Uponor is rethinking water for future generations. Our offering, including safe drinking water delivery, energy-efficient radiant heating and cooling and reliable infrastructure, enables a more sustainable living environment. We help our customers in residential and commercial construction, municipalities and utilities, as well as different industries to work faster and smarter. Uponor employs about 3,900 professionals in 26 countries in Europe and North America. In 2021, Uponor's net sales totalled approximately €1.3 billion. Uponor Corporation is based in Finland and listed on Nasdaq Helsinki. www.uponorgroup.com