GERMANY - Pfleiderer, a leading manufacturer of wood products for high end applications in the Western European kitchen, furniture and construction markets, has  announced the successful completion of the refinancing of its existing debt facilities.

In mid-April, the Pfleiderer Group issued a sustainability-linked bond with a total volume of € 750 million through PCF GmbH. Various sustainability goals were set in the bond terms and conditions.

The company has established sustainability performance targets, which commit to (1) reducing scope 1 and 2 greenhouse gas emissions by 8% and 21% by 2022 and 2025 respectively, and (2) increasing the use of recycled wood to 44% and 50% by 2022 and 2025 respectively (in each case, from their 2020 baselines).

Dr. Boris Gorella, CEO of Pfleiderer, said: “The refinancing positions us strongly for future growth as Pfleiderer remains well-positioned to capitalise on the favourable long-term trends that are driving demand for our products. Sustainability has always been at the heart of our business, and our commitment to sustainable construction and to reducing our environmental footprint is clearly demonstrated through the ambitious ESG (Environmental, Social, and Governance) targets we have set ourselves.”