M&S agrees £850m net-zero revolving credit facility

Marks & Spencer has agreed a new £850 million revolving credit facility, linked to its net-zero goals. 

Following the reset of its Plan A programme in September, the new facility is connected to the delivery of M&S's target to achieve net-zero across its entire supply chain and products by 2040.

Under the terms of its new 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 three net-zero goal.

M&S has worked with BNP Paribas as its sustainability coordinator. 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.

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.