Uponor Corporation, Investor news, March 29, 2022 at 3:45 p.m. EET
Uponor signs a new revolving credit facility with its pricing mechanism tied to corporate sustainability goals
Uponor signed a new five-year €50 million revolving credit facility (“RCF”) with two one-year extension options and introduced a sustainable pricing mechanism linking the RCF margin to science-based targets Uponor for climate action:
1) 46% reduction in greenhouse gas emissions from Uponor’s own operations by 2030 compared to 2019 baseline
2) 14% reduction in greenhouse gas emissions attributed to Uponor’s upstream supply chain by 2030 from 2019 baseline
The RCF margin will increase or decrease based on Uponor’s progress toward achieving these goals. Uponor now has four €50 million bilateral revolving credit facilities in place, two of which are linked to the company’s sustainability goals.
Uponor Chief Financial Officer (CFO) Markus Melkko said, “Linking the pricing of the revolving credit facility to our sustainability goals is an important step in demonstrating our widespread commitment to our sustainability priorities. The new agreement is a continuation of the sustainability-linked term loans and revolving credit facility agreement we signed last year. »
Uponor’s climate goals are validated by the Science Based Targets Initiative (SBTi), ensuring that Uponor’s greenhouse gas emissions goals and pathways to those goals are independently validated to be consistent with the goal of the Paris Agreement “to pursue efforts to limit the increase in global average temperature to 1.5°C above pre-industrial levels”. The Science Based Targets initiative is a collaboration between the international non-profit organization CDP, the United Nations Global Compact (UNGC), the World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) As part of the Group’s new strategy and ambition Uponor to lead the construction industry towards net zero, a new set of ESG objectives with more ambitious target levels was launched in March 2022. These new target levels will be presented for validation by SBTi in 2022. Further information Information on our sustainability goals is available at uponorgroup.com.
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Uponor is rethinking water for future generations. Our offering, including potable water supply, energy-efficient radiant heating and cooling, and reliable infrastructure, enables a more sustainable living environment. We help our clients in residential and commercial construction, municipalities and utilities, as well as different industries to work faster and smarter. Uponor employs approximately 3,900 professionals in 26 countries in Europe and North America. In 2021, Uponor’s net sales totaled approximately €1.3 billion. Uponor Corporation is based in Finland and listed on Nasdaq Helsinki. www.uponorgroup.com