By Marisa Wong
Los Angeles, Sept. 15 – Burberry Group plc priced £300 million of five-year fixed-rate senior sustainability bonds (expected: Baa2) at 99.526, according to a notice.
J.P. Morgan Securities plc, HSBC, NatWest Markets, Societe Generale, Lloyds and MUFG are managers for the benchmark-sized Regulation S deal.
This will be the first sustainability bond issued by a luxury company and will diversify the company’s funding sources, introducing long-term financing into the company’s capital structure, according to a prior company press release.
The bond will rank pari passu with the company’s debt facilities, including its revolving credit facility and Covid commercial financing facility, and will be guaranteed by the entities that guarantee the revolver.
The luxury fashion company is based in London.
| Issuer: | Burberry Group plc
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| Issue: | Senior fixed-rate sustainability bonds
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| Amount: | £300 million
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| Maturity: | Five years
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| Managers: | J.P. Morgan Securities plc, HSBC, NatWest Markets, Societe Generale, Lloyds and MUFG
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| Price: | 99.526
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| Expected ratings: | Moody’s: Baa2
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| Distribution: | Regulation S
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