ITV inks sustainability-linked £500MN revolving credit facility

ITV’s syndicated £500 million RCF was agreed with Barclays Bank, BNP Paribas, Credit Suisse International, Mizuho Bank, National Westminster Bank and Wells Fargo Bank. The terms of the new RCF run until January 2027 replacing the existing facility, which was due to mature in 2023.

Crucially, the new RCF is linked to the delivery of ITV’s science-based carbon emissions targets. Under the terms, ITV will benefit from a lower interest rate if it delivers emissions reductions in line with its net zero roadmap, which will be assessed on an annual basis and verified by independent external review. The metrics include scope 1, 2 and 3 emissions and will therefore impact right across the ITV supply chain. Commenting on the terms of the loan, Chris Kennedy, ITV COO and CFO, said: “The inclusion of ESG targets within this important financing demonstrates ITV’s further commitment to achieve net zero targets by 2030.”

As the loan was being announced the DPP’s report, CES 2022: What Consumer Trends Mean For The Media Industry, enabled by DPP member companies Dell Technologies and Dalet, highlighted that among the plethora of new technologies on offer at the show, many of the biggest companies made bold statements about sustainability and cleaning up the tech supply chain.

“Environmental sustainability has been the theme waiting to happen at CES for over a decade,” says DPP CEO Mark Harrison, the report author. “In 2021, several major companies foregrounded their commitment to be carbon neutral. But this year, a major shift took place. Companies admitted how much they contribute to global warming and how manufacturing and supply chain processes had to change if emissions are to be reduced.” Rapid TV News