By Cady Vishniac
Detroit, Jan. 21 – Simpar SA finance subsidiary Simpar Europe has issued $625 million of 5.2% sustainability-linked notes due 2031 (BB-/BB-) at 99.999, according to a press release.
Proceeds from the Rule 144A and Regulation S notes will go to Simpar’s simultaneous redemption of its 7¾% notes due 2024, with the remainder being used for general corporate purposes.
Simpar issued the bonds as part of its commitment to reduce greenhouse gas emissions by 15% by 2030. In addition to targeting scope 1 and scope 2 emissions, which the company produces in the ordinary course of business, the notes’ terms also consider scope 3 emissions in an effort to address Simpar’s overall impact on the environment.
Simpar is a Sao-Paulo based holding company with subsidiaries operating in the insurance, freight, vehicle trade and property management sectors. Simpar Europe is its Luxembourg-based finance subsidiary.
| Issuer: | Simpar Europe
|
| Guarantor: | Simpar SA
|
| Issue: | Sustainability-linked notes
|
| Amount: | $625 million
|
| Maturity: | 2031
|
| Coupon: | 5.2%
|
| Price: | 99.9999
|
| Pricing date: | Jan. 14
|
| Settlement date: | Jan. 20
|
| Ratings: | S&P: BB-
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
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