Food group Greencore said it has agreed a new sustainability-linked credit facility worth £350 million that will give the company financial flexibility as it targets growth.

The five-year revolving credit facility replaces an existing £340 million facility and a £45 million term loan. Incorporating performance targets in line with Greencore’s long-term sustainability strategy, it is being provided by a number of institutions, including Allied Irish Banks, Barclays Bank, Coöperatieve Rabobank (trading as Rabobank Dublin) and Danske Bank. It also includes the option of two additional one-year extensions and a £100 million accordion feature for further potential financing facilities.

“Greencore continues to deliver on its ambition to build a stronger, more efficient business serving our customers and consumers across the UK,” chief executive Dalton Philips said. “This new facility provides us with significant new financial flexibility to deliver on our growth objectives while aligning our financing arrangements with our sustainability targets.”

Greencore is set to announce its full year results on November 28th.