By Devika Patel
Knoxville, Tenn., Nov. 8 – Koninklijke KPN NV launched €700 million of 0.875% 12-year sustainability bonds, according to a press release.
Koninklijke linked the coupon of the bond to the performance against its commitment to reduce absolute value chain CO2 emissions by 30% by the end of 2030 against a 2014 baseline.
The bond has an 0.875% coupon. The sustainability-linked feature could result in an increase in the interest rate of 0.375% per year from Nov. 15, 2031 until maturity if Koninklijke does not achieve the targeted emissions reduction by Dec. 31, 2030. If the company meets the target, the interest rate will remain unchanged.
ING Groep is the stabilizing manager.
Proceeds will be used for general corporate purposes, including refinancing of existing debt.
Koninklijke is a telecommunications company based on Rotterdam, the Netherlands.
| Issuer: | Koninklijke KPN NV
|
| Amount: | €700 million
|
| Description: | Sustainability bond
|
| Maturity: | Nov. 15, 2033
|
| Bookrunner: | ING Groep
|
| Coupon: | 0.875%, may be increased by 0.375% per year from Nov. 15, 2031 until maturity
|
| Announcement date: | Nov. 8
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
