May 13, 2022
Gildan Activewear Inc., Montreal, has announced that it has signed an amended and restated credit agreement in respect of its existing $1 billion revolving credit facility to incorporate sustainability-linked terms, underscoring Gildan’s str commitment towards its environmental, social, and governance (ESG) targets.
The amendment introduces an annual pricing adjustment based on the achievement of three of Gildan’s Next Generation ESG targets, which were communicated at the beginning of this year. Gildan is the first Canadian apparel manufacturing company to tie financing costs to the achievement of important ESG targets, according the company.
“Sustainability is a key pillar of our Gildan Sustainable Growth strategy, and this sustainability-linked facility is further evidence of our pledge to making meaningful advancements by 2030 in the areas of climate change, circularity, and diversity, equity, and inclusion,” says Rhodri Harries, Gildan executive vice president, chief financial and administrative officer.
The $1 billion 5-year revolving credit facility includes terms that reduce/increase the borrowing costs based on the company’s annual performance against the following three recently announced ESG targets:
Climate Change: The reduction of Gildan’s Scope 1 and Scope 2 GHG emissions by 30% by 20301, in alignment with the SBTi and the level of decarbonization required to meet the goals of the Paris Agreement.
Circularity: 75% of Gildan’s packaging and trims specific to apparel SKUs will contain recycled or sustainable materials by 2027.
Diversity, equity, and inclusion: The achievement of gender parity by 2027 for Gildan’s employee group encompassing the director level and above. — D.S.
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