MINNEAPOLIS — General Mills, Inc. announced it has renewed its five-year $2.7 billion revolving credit facility, which now includes a pricing structure that is tied to environmental impact metrics. The initiative makes General Mills the first US consumer packaged goods company to implement a sustainability-linked revolving credit facility.

As part of the program, General Mills said it will receive a pricing adjustment based on its performance against environmental criteria during the credit facility’s term. The Minneapolis-based company’s progress will be measured in two key areas: reducing greenhouse gas emissions in owned operations and using renewable electricity for global operations. Sustainability performance will be measured and communicated in General Mills’ annual Global Responsibility Report.

“For General Mills, regenerating the earth’s natural resources is both a business and environmental imperative,” said Kofi Bruce, chief financial officer, General Mills. “Integrating General Mills’ environmental impact metrics into this financing structure underscores our commitment to drive resilience for the planet, its resources and its people.”

The amendment extends the maturity of the credit facility to 2026 and includes 20 of the company’s banking partners. Joint lead arrangers and joint book runners on the transaction include BofA Securities, Inc., JPMorgan Chase Bank, Barclays Bank PLC, Citibank, N.A, Deutsche Bank Securities Inc., and BNP Paribas. BofA Securities, Inc. is acting as the sustainability coordinator.

“We applaud General Mills for the leadership they have shown in using the sustainability-linked loan market to demonstrate their commitment to ESG and corporate responsibility,” said Steven Nichols, head of ESG Capital Markets for the Americas, BofA Securities.

While General Mills is the first US consumer packaged goods company to enter this type of revolving credit facility, it is part of a broader trend in the food and beverage industry. In late March, Pilgrim’s Pride Corp. announced it is offering a $1 billion sustainability-linked bond tied to efforts to reduce greenhouse gas emission intensity across its global operations. In February, Anheuser-Busch InBev SA/NV signed a $10.1 billion sustainability-linked loan revolving credit facility to replace its existing $9 billion revolving credit facility.