Addleshaw Goddard has advised Co-operative Group Limited (Co-op) in relation to the refinancing of its £400m sustainability linked Revolving Credit Facility (RCF) with a six bank club, comprising Barclays, NatWest, Handelsbanken, Lloyds, ING and Santander. 

Co-op has now extended its sustainability linked RCF out to November 2029, underlining its continued commitment to a more sustainable future.

Richard Oman banking and finance partner who led the team at Addleshaw Goddard said:

"Addleshaw Goddard has a long standing, close relationship with Co-op and it was fantastic to work with them again on their sustainability linked RCF. Sustainability is central to Co-op's ethos and it has been fascinating to see how this type of financing has developed since it became one of the first corporate borrowers to incorporate sustainability metrics into its RCF in 2019. This process showed that the focus is now as much on promoting diversity as it is on protecting the environment. It is always a pleasure to work with the Co-op team, and we are proud to continue to support them."

Simon Nuttall, Head of Tax, Treasury & Insurance at the Co-op said: "As a Co-op, we are here to create sustainable value for our more than 6 million active member-owners and the communities in which we operate and source from. It is wonderful, to be able to integrate our social value commitments into our long-term funding strategies, staying true to our Co-op heritage and values."

The Addleshaw Goddard Finance team who worked on the transaction include Richard Oman, Nick Parkin, Amy Clarke and Emma Whitehall (Finance), Rachael Uttley and Richard Williams (Pensions) and Jacqueline Heng and Sam Shore (DCM).