A Manchester-based cleaning products group, which is behind the likes of Oven Pride, has secured a €175m boost linked to sustainability.
McBride has signed up for a "sustainability linked revolving credit facility" which will last initially for a five-year term with the option to be extended to September 30, 2027 and is provided by a syndicate of international bank lenders.
The facility also includes a €75m uncommitted accordion feature which could provide additional commitments for potential acquisitions.
The London Stock Exchange-listed business is also behind the likes of Surcare, Clean N Fresh and Hospec.
The facility incorporates three sustainability performance targets which are "central to McBride's commitment to maintaining a responsible business and to actively contribute to a more sustainable future": renewable energy, recycled content and responsible sourcing.
McBride has said it strives to reduce its environmental impact by increasing the percentage of energy from renewable sources from 5.9% in 2020 to 70% in 2026
The company is also aiming to significantly increase the post-consumer recycled content of polyethylene terephthalate (PET) plastic packaging sourced for manufacturing its products from 64% in 2020 to 94% in 2026.
McBride is also targeting to source all the paper and card components responsibly via FSC-approved suppliers.
Successful achievement of the annual targets results will result in the earning of a discount on the margin of the facility.
The news comes after the company said its revenue and EBITDA are expected to fall after being hit by "extreme volatility in material pricing".
McBride added that in recent weeks it has seen "further rapid, significant and sustained price escalation" for many of its raw materials and that it expects to see "further double-digit increases" by June.
The business said it now expects its second half constant currency revenues to be approximately 6% lower year on year and its EBITA is now set to be down approximately 15%.
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