The financing consists of a £10 million revolving credit facility signed by BBVA and a £50 million term loan financed by JP Morgan through the Export Development Guarantee (EDG) line, promoted by the export credit UK Export Finance (UKEF). BBVA was also the coordinating bank for the definition of sustainability criteria for the two sites, which are linked to two environmental KPIs and one social.
Financial conditions subject to three indicators considered fundamental for Mace’s strategy: two environmental indicators and one social indicator
Mace has established an action plan for the next 10 years with ambitious sustainability goals. For this reason, it decided to structure the two financings as sustainable, leaving the financial conditions subject to three indicators considered fundamental for Mace’s strategy: two environmental indicators linked to Reduction of CO2 emissions and increase the use of renewable energyand a social indicator based on the reduction accident frequency rate.
Mace put sustainability at the heart of its strategic plans (2026 Mace Business Strategy) as an element that sets it apart from its competitors, by publishing an annual sustainability report that covers the various initiatives that the company has carried out, as well as the degree to which it has achieved established sustainability standards.
Secretary for International Trade Anne-Marie Trevelyan said: “I am proud that Mace is generating sustainable profits that will create jobs, support communities overseas and protect the environment. This sustainability-linked loan shows the market that this government will put its money where it is. We offer a clear and powerful incentive. If Mace meets or exceeds the set green targets, UK Export Finance will charge them less interest and they will get a better deal. If they can’t reduce emissions as much as they say they can, we raise the rates and they pay more. By placing sustainability at the heart of its growth plans, Mace is setting a powerful example for others to follow. »
Richard Bienfait, Chief Financial Officer of Mace, said, “We are delighted to enter into this agreement with BBVA and JP Morgan, which will support our overseas growth and our important sustainability priorities. As a purpose-driven company, Mace is committed to doing everything in its power to pursue a sustainable world – and this historic funding agreement reflects that ambition.
Elena Guillem, Global Relationship Manager for Mace Group at BBVA UK added: “BBVA is delighted to have worked with Mace on its journey towards sustainable finance. More and more of BBVA’s strategic clients, such as Mace, are looking for financing alternatives that are coherent and in line with the commitment to add value to society and the environment.
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