By Lisa Kerner
Charlotte, N.C., May 26 – Shanks Group plc launched a green bond issue to retail investors in Belgium and Luxembourg to raise up to €150 million.
The new bonds will carry a gross coupon of 3.65% payable annually for a period of seven years from June 16.
Maturity is expected to be June 16, 2022.
Based on the issue price set at 101.875, the annual gross yield is 3.345%, according to a company news release.
Proceeds will be used to finance the company’s investment in sustainable infrastructure and to repay the existing bond that matures in October.
The bonds are available in denominations of €1,000 and will be listed on the main market of the London Stock Exchange.
BNP Paribas Fortis and KBC Bank are joint lead managers.
The subscription period will run from May 28 to June 11.
According to Shanks, it is the first U.K. company to issue green bonds in euros.
“The issue of these green bonds supports our vision as a leading waste-to-product company and our commitment to sustainability and responsible green investment,” chief executive Peter Dilnot said in the news release.
“It is also our third retail bond to be issued in Belgium, where we have a long history as one of the leading waste-to-product companies and a proud record of helping Belgium meet its environmental goals.”
The company is based in Milton Keynes, England.
| Issuer: | Shanks Group plc
|
| Issue: | Green bonds
|
| Amount: | €150 million
|
| Maturity: | June 16, 2022
|
| Coupon: | 3.65%
|
| Price: | 101.875
|
| Yield: | 3.345%
|
| Lead managers: | BNP Paribas Fortis, KBC Bank
|
| Pricing date: | May 26
|
| Settlement date: | June 16
|
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