On April 15, 2021, General Mills, a leading global food company, announced that it had closed the first-ever sustainability-linked loan (SLL) facility for a US consumer packaged goods company.

The $2.7 billion five-year multi-currency revolving credit facility (RCF) was arranged by Bank of America (which acts as administrative agent) and syndicated to a significant number of banks and other lenders.

The RCF was filed with the US Securities and Exchange Commission and includes a matrix that will adjust the applicable interest rate and fees under the RCF based on General Mills’ reductions in its greenhouse gas emissions in owned operations (i.e., only Scope 1 and 2 emissions) and its use of renewable electricity for global operations.Continue Reading US Interest in Sustainability-Linked Loans on the Rise