Slaughter and May advised Coats on the refinancing of its revolving credit facility

Slaughter and May advised Coats Group Finance Company Limited ("Coats"), a subsidiary of Coats Group plc, on the refinancing of its revolving credit facility. The new three-year $360 million revolving credit facility, with the option for two one-year extensions, includes an ESG-linked margin ratchet based on performance against three of Coats’ published sustainability targets. The facility further permits Coats to replace one of these targets in future with an externally verified science-based target, granting Coats the flexibility to ensure that its targets under the facility are aligned with the business’ sustainability agenda.