Ahold Delhaize successfully priced its inaugural Sustainability-Linked Bond
11 Mars 2021 - 6:52PM
Zaandam, the Netherlands, March 11, 2021 – Ahold
Delhaize today announced that it
successfully priced its inaugural Sustainability-Linked
Bond, amounting to €600 million with a term of 9 years,
maturing on March 18, 2030.
The bond was issued in
accordance with Ahold Delhaize’s published
Sustainability-Linked Bond Framework (the
Framework), which follows the ICMA Sustainability-Linked
Bond Principles. In its Second Party
Opinion, Sustainalytics considers the Sustainability
Performance Targets (SPTs) ambitious and aligned with
Ahold Delhaize’s sustainability strategy, including alignment with
a 1.5-degree temperature rise scenario and Ahold
Delhaize’s leading efforts with respect to food waste
reduction. The Framework and Second Party Opinion can be
found here. The transaction follows the closing
of a €1 billion Sustainability-Linked Revolving
Credit Facility in December 2020 and the 2019
issuance of an inaugural Sustainability Bond, where the
proceeds were exclusively spent on sustainability projects across
Ahold Delhaize. All three reinforce the alignment of the company’s
funding strategy to its commitments laid out in its Healthy
& Sustainable ambition. Frans Muller, Chief Executive
Officer of Ahold Delhaize, said: “I am excited to issue
our first Sustainability-Linked Bond today. It helps
us accelerate the achievement of the ESG targets we set in
our Healthy and Sustainable roadmap and is another
important step for our organization to contribute to
the 1.5-degree Paris
agreement.” The bond pays an annual coupon
of 0.375% and was issued at a price
of 99.63% of the nominal value. The
bond will settle on March 18, 2021 and will be
listed on Euronext Amsterdam. The proceeds will be used
for refinancing of debt maturities and general
corporate purposes.
The bond is linked to Ahold Delhaize achieving two
Sustainability Performance Targets (SPTs) by 2025:
SPT 1: Reduction of Scope 1 and 2 CO2e emissions by 29% from a
2018 baseline
SPT 2: Reduction of food waste by 32% from a 2016
baseline
The sustainability-linked feature will result in a coupon
adjustment if Ahold Delhaize’s performance does not achieve one
or both of the stated SPTs.
SPT 1 and 2 are aligned with Ahold
Delhaize’s 2030 goals aiming to reduce Scope 1 and 2 CO2e
emissions by 50% and food waste by 50%. The
carbon emission goal is validated by the Science Based
Targets Initiative and the food waste goal is measured
according to the Food Loss and Waste Protocol. Natalie Knight,
Chief Financial Officer of Ahold Delhaize,
said: “Sustainability-Linked Bonds represent the next phase of
our ESG financing, where we bring our long-term
commitments to tackle our carbon footprint and food waste directly
to our investors. I am grateful
for the trust our investors place in
us and look forward to further partnering with
them on our sustainability journey.” J.P. Morgan and Société
Générale acted as Sustainability-Linked Bond
Structuring agents to the Issuer and BNP
Paribas, BofA Securities, Deutsche Bank,
Goldman Sachs Bank Europe SE, J.P. Morgan and Société
Générale acted as joint bookrunners on
the bond issuance.
Cautionary notice
This communication is not for release, distribution or
publication, whether directly or indirectly and whether in whole or
in part, into or in the United States, Australia, Canada or Japan
or any (other) jurisdiction where any of such activities would
constitute a violation of the relevant laws of such
jurisdiction.
The offer of bonds referred to in this communication was limited
in the EEA and the United Kingdom to qualified investors only. The
bonds have not been and will not be registered under the US
Securities Act of 1933, as amended (the “US Securities Act”) and
will also not be registered with any authority competent with
respect to securities in any state or other jurisdiction of the
United States of America. The bonds may not be offered or sold in
the United States of America without either registration of the
securities or an exemption from registration under the US
Securities Act being applicable.
This communication includes forward-looking statements. All
statements other than statements of historical facts may be
forward-looking statements. Words and expressions such as maturing,
2030, ambitious, aligned, strategy, scenario, leading, further,
commitments, ambition, achievement, targets, step, will, 2025, by,
next phase, long-term, journey, opportunity, promise or other
similar words or expressions are typically used to identify
forward-looking statements.
Forward-looking statements are subject to risks, uncertainties
and other factors that are difficult to predict and that may cause
actual results of Koninklijke Ahold Delhaize N.V. (the
“Company”) to differ materially from future results expressed or
implied by such forward-looking statements. Such factors include,
but are not limited to, the risk factors set forth in the Company’s
public filings and other disclosures. Forward-looking statements
reflect the current views of the Company’s management and
assumptions based on information currently available to the
Company’s management. Forward-looking statements speak only as of
the date they are made and the Company does not assume
any obligation to update such statements, except as required by
law.
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