UPM-Kymmene publishes a new green finance framework

By Cady Vishniac

Detroit, Nov. 5 – UPM-Kymmene Corp. has created a green finance framework in connection with its $3 billion euro medium-term note program, according to a press release.

UPM’s new framework will continue to integrate its Biofore strategy into company financing. In March, UPM linked the pricing mechanism of a syndicated revolver to biodiversity and climate targets. The new framework will add financing based on use of proceeds to the company’s finance strategy.

Citigroup Global Markets Ltd. is the arranger on the program

Nordea acted as adviser on the framework, and Cicero Shades of Green gave an independent second opinion. Cicero rated the framework Cicero Dark Green, its highest grade.

UPM-Kymmene is a forest products company based in Helsinki.

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