Convenience food manufacturer Greencore Group plc has announced that it has agreed a new five-year £350 million sustainability-linked revolving credit facility (RCF).

It will replace Greencore’s existing £340 million facility and a £45 million term loan and will extend the Group’s average maturity profile to close to 4.5 years.

The facility has the option of two additional one-year extensions and will include a £100 million accordion feature which will provide further potential financing facilities.

According to Greencore, the new RCF will incorporate targets that are aligned with Greencore’s long-term sustainability strategy.

Chief executive Dalton Philips said: “Greencore continues to deliver on its ambition to build a stronger, more efficient business serving our customers and consumers across the UK.

“This new facility provides us with significant new financial flexibility to deliver on our growth objectives while aligning our financing arrangements with our sustainability targets.”

Greencore stated that it will announce its full year results on 28th November 2023.