By Joe Hoppe

Kingspan Group PLC said Tuesday that it has completed a new 700 million-euro ($854.5 million) sustainability-linked revolving credit facility, which will be used for general corporate purposes.

The London-listed, Ireland-based building-and-insulation materials company said that the five-year Planet Passionate Revolving Credit Facility matures in May 2026, with an extension option for a further two years. It replaces the company's outgoing EUR451 million facility and its EUR300 million acquisition facility.

The new financing is provided by a syndicate of 10 banks, and has an inbuilt pricing incentive based on the achievement of Kingspan's sustainability commitments.

"When combined with the Green Private Placement bond of EUR750 million completed in December 2020, Kingspan has arranged EUR1.45 billion of sustainable debt funding over the last six months," Chief Financial Officer Geoff Doherty said.

Shares at 0828 GMT were down 1.04 pence, or 1.3%, at 77.06 pence.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

06-01-21 0456ET