By Marisa Wong
Los Angeles, June 8 – Weir Group plc priced £300 million of sustainability-linked notes due June 14, 2028, according to a press release.
The notes have an initial coupon of 6.875%. The interest rate will be linked to achievement of Weir’s sustainability performance target to reduce absolute scope 1 & 2 market-based CO2e by 19.1% by 2026 from a 2019 baseline. The interest rate will increase by 75 basis points at maturity for the final coupon if the group does not attain its sustainability performance target as of Dec. 31, 2026.
The offering is expected to settle and close on June 14.
The company has applied to have the notes admitted to trading on Euronext Dublin.
Weir Group is a mining technology company based in Glasgow.
| Issuer: | Weir Group plc
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| Amount: | £300 million
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| Issue: | Sustainability-linked notes
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| Bookrunners: | Mizuho International, Citigroup Global Markets Ltd., J.P. Morgan SE and HSBC
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| Maturity: | June 14, 2028
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| Coupon: | 6.875% initially; steps up by 75 bps for final coupon if sustainability performance target not met as of Dec. 31, 2026
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| Price: | 99.753
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| Announcement date: | June 8
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| Settlement date: | June 14
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| Listing: | Euronext Dublin
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