Korian taps notes for €57 million more, lifts total to €230 million

By Devika Patel

Knoxville, Tenn., Oct. 7 – Korian sold another €57 million of its eight-year sustainability-linked notes in a private placement, bringing the total amount of the new and existing notes to €230 million, according to a press release.

As previously reported, the company sold €173 million of the notes in a June private placement.

This €173 million sale linked part of Korian’s long-term financing with three key milestones it hopes to achieve by 2023:

• Obtaining ISO 9001 certification across all the company’s facilities in Europe;

• Doubling the proportion of staff members participating in qualifying training programs; and

• Reducing direct and indirect carbon dioxide emissions.

Depending on the extent to which each of those targets are met, the interest rate on the notes may be increased or reduced by up to 20 basis points. If the interest rate is increased, half of the increase will be allocated to internal compensatory measures and/or paid to one or more external partners, with the other half being paid to investors.

Proceeds will be used for general funding purposes.

The notes extend the average maturity of Korian’s debt and diversify its funding sources.

Korian is a Paris-based care and support services provider for the elderly.

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