Pandora successfully prices a EUR 500 million Sustainability-Linked Eurobond
2024年5月24日 - 12:13AM
Pandora successfully prices a EUR 500 million Sustainability-Linked
Eurobond
Pandora A/S has successfully placed an aggregate
principal amount of EUR 500 million senior unsecured
sustainability-linked notes due 2030 (the “Notes”) under its EMTN
programme.
Investor demand for the new issue peaked at more
than EUR 1.7 billion, following a one-day marketing exercise.
The Notes will be issued 31 May 2024, at a price
of 99.001 and with a fixed coupon of 3.875% per annum and will be
listed on Euronext Dublin. Moody’s has rated the bonds Baa2 and
Standard & Poor’s rating is BBB, both in line with their issuer
rating of Pandora A/S.
The bond is sustainability-linked and carries a
penalty for Pandora if the sustainability targets in the bond is
not met. The targets are based on Pandora’s existing sustainability
targets:
- Low carbon business: 36% reduction of Scope 1, 2 and 3
emissions by 2028 vs 2019
- Inclusive, diverse and fair Culture: reach at least 44% women
in leadership by 2028 (VP-level and above, including the Board of
Directors)
If not met, the combined targets carry a
potential additional repayment of 1% of the principal. 60% of the
penalty is tied to the emissions target and 40% is tied to the
gender target.
The net proceeds from the transaction will be
applied by Pandora A/S for planned refinancing and general
corporate purposes.
Pandora CFO Anders Boyer says: “This is our
second corporate bond issuance, and I am happy with the way we have
been received by the debt markets. At the same time, we affirm our
commitment to sustainability by keeping the interest rate level on
all our long-term financing sustainability-linked”.
Nordea acted as Global Coordinator and BNP
Paribas, Danske Bank, Nordea, SEB and Unicredit acted as Joint
Active Bookrunners on the transaction. Furthermore, BNP Paribas and
Nordea have also acted as sustainability advisors to Pandora.
The prospectus for the EMTN programme approved
by the Central Bank of Ireland as well as the Sustainability-Linked
Finance Framework and Second Party Opinion by Moody’s are available
at https://pandoragroup.com/investor/debt-investor/emtn-programme.
The Final Terms of the Notes will be available on the website in
connection with the settlement of the issuance.
ABOUT PANDORAPandora is the
world’s largest jewellery brand. The company designs, manufactures
and markets hand-finished jewellery made from high-quality
materials at accessible price points. Pandora jewellery is sold in
more than 100 countries through 6,700 points of sale, including
more than 2,600 concept stores.
Headquartered in Copenhagen, Denmark, Pandora
employs 33,000 people worldwide and crafts its jewellery at three
facilities in Thailand. Pandora is committed to leadership in
sustainability and is sourcing recycled silver and gold for all of
its jewellery, just as the company has set out to halve greenhouse
gas emissions across its value chain by 2030. Pandora is listed on
the Nasdaq Copenhagen stock exchange and generated revenue of DKK
28.1 billion (EUR 3.8 billion) in 2023.
Contact
For more information, please contact:
INVESTOR
RELATIONS
Bilal AzizVP, Investor Relations & Treasury+45 3137
9486biazi@pandora.net |
CORPORATE
COMMUNICATIONS Johan MelchiorVP, Media Relations
& Public Affairs+45 4060 1415jome@pandora.net |
Adam
FuglsangDirector, Investor Relations +45 6167
7425adfug@pandora.net |
|
- Pandora_Company Announcement_No_870