Hospitality giant Whitbread, which owns brands including Premier Inn, has launched two green bonds totalling £550 million.
The £300 million and £250 million green bonds will be used to fund a variety of green spending, including improving the green credentials of new builds and improving the sustainability of its supply chain.
They support the company’s sustainability strategy, which includes science-based targets to reduce its carbon emissions intensity by half by 2025 against a 2018/19 baseline and reach net zero on its Scope 1 and 2 emissions by 2050.
In addition, it has made a commitment to remove unnecessary single-use plastics from across its business by 2025.
Whitbread, which has been forced to shut its sites in Britain under the lockdown, has also struck an agreement with its creditors to extend the maturity of its revolving credit facility by one year to September 2023.
Nicholas Cadbury, Group Finance Director at Whitbread said: “We are particularly pleased that we have been able to reinforce Whitbread’s long- erm commitment to sustainability by establishing this Green Bond Framework and issuing these green bonds.
“Whitbread is committed to being a force for good for all our stakeholders, including our people, customers, suppliers, in the communities in which we operate and for the wider world around us. The refinancing announced today demonstrates the strength of our underlying business and is another key step in ensuring that we emerge from the crisis as a leaner, stronger and more resilient business.”