By William Gullotti
Buffalo, N.Y., Nov. 29 – Imerys sold €500 million of 4.75% sustainability-linked bonds with a six-year tenor (Baa3/BBB-), according to press release on Wednesday and additional information from a market source.
Initially, the coupon was expected to be linked to a reduction in scope 1 and scope 2 emissions by 2028, from a 2021 baseline. Instead, investors will receive a premium payment in 2029 of 0.75% of the principal amount, should the company not meet its objectives at the end of 2028.
As previously reported Nov. 20 when the company commenced investor calls, BNP Paribas, Commerzbank, HSBC, MUFG, Natixis and Societe Generale are joint active bookrunners.
MUFG was coordinating logistics, and BNP is acting as ESG structuring adviser.
The Regulation S bonds are being issued under Imerys’ sustainability-linked bond framework.
Proceeds will be used for general corporate purposes, including to refinance part of existing debt.
Imerys is a multinational company based in Paris that specializes in the production and processing of industrial minerals.
| Issuer: | Imerys
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| Amount: | €500 million
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| Issue: | Sustainability-linked bonds
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| Maturity: | Nov. 29, 2029
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| Bookrunners: | BNP Paribas, Commerzbank, HSBC, MUFG, Natixis and Societe Generale
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| ESG structuring adviser: | BNP Paribas
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| Coupon: | 4.75%
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| Announcement date: | Nov. 29
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Distribution: | Regulation S
|
| Marketing: | Investor meetings
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