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By Dieter Holger
Carrefour SA (CA.FR) has made the first corporate social responsibility-linked credit transaction in Europe's retail sector, linking two existing lines of credit totaling 3.9 billion euros ($4.41 billion) to the French retailer's sustainability performance.
Carrefour said Thursday that in addition the CSR amendment, it also extended the two lines of credit to 5 years from 3.1 years, meaning they now mature in June 2024. The loans are based on the food retailer's progress toward a more sustainable and healthy food system--a process known as the food transition--which follows the "CSR and Food Transition Index" that Carrefour launched in 2018 to pilot its progress, the company said.
The index tracks Carrefour's progress in four main areas: products, stores, clients and employees, including sustainable fishing, reducing packaging and slashing food waste.
"We are proud to be a pioneer in these CSR-linked operations, which constitute another step in Carrefour's ambition to be the leader of the food transition for all," CFO Matthieu Malige said.
Write to Dieter Holger at email@example.com; @dieterholger
(END) Dow Jones Newswires
June 13, 2019 13:00 ET (17:00 GMT)
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