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Regulatory News:

Tikehau Capital (Paris:TKO), the global alternative asset management group, today announces that it has successfully launched and priced an inaugural sustainable bond issue for a total amount of €500 million maturing in March 2029. This issue of senior unsecured sustainable bond is associated with a fixed annual coupon of 1.625%, the lowest ever achieved by the Group.

  • This is the first ever public sustainable benchmark bond issued by an alternative asset manager in Euro
  • Tikehau Capital’s first sustainable bond is a key step to accelerate the Group’s impact strategy around its four pillars: climate change, social inclusion, healthcare, and innovation
  • This sustainable bond is the first to rely on an innovative Sustainable Bond Framework that allows the Group to invest the proceeds into sustainable assets (green and social activities) and ESG funds aligned with the Group’s priority SDGs
  • Through this operation, Tikehau Capital extends its average debt’s maturity to 5.5 years
  • This issuance reinforces the Group’s impact investment strategy alongside its private equity energy transition platform and its impact lending fund as well as its by-design global ESG investment approach

Mathieu Chabran, co-founder of Tikehau Capital, said:

"Tikehau Capital has placed ESG at the very heart of its operations and impact is the new frontier. We are developing strategies which address societal challenges while generating competitive financial returns for investors. The success of this first-ever sustainable bond is a new step forward that will allow the Group to reflect its voluntary ESG policy into its financing structure. With this sustainable bond, we want to focus our investments on sustainable companies and projects, but also on funds that can have a significant social or environmental impact. We would like to thank our bondholders and investors who have participated to this transaction and so help us institutionalize impact investing.”

Laure Villepelet, head of CSR/ESG of Tikehau Capital added:

“The issuance of this first sustainable bond is also a strong message to our teams: Tikehau Capital aims to strengthen its investments in its own funds and invites its investment teams to develop funds with sustainable themes.”

The issuance of this first sustainable bond is part of Tikehau Capital’s impact strategy. It encourages the launch of new initiatives and sustainable funds, with underlying investments that will comply with the specific ESG and impact criteria set for the bond itself.

Tikehau Capital is successfully building an impact investing platform, with three dedicated funds launched across the Group’s strategies in the recent years:

  • In 2018, Tikehau Capital launched T2 Energy Transition fund, a private equity fund dedicated to energy transition. On 23 February 2021, Tikehau Capital announced it has finished fundraising for this strategy for a total exceeding €1bn.
  • In 2020, Tikehau Capital launched Tikehau Impact Lending (TIL), aiming at providing financing solutions with terms and conditions depending on the underlying companies’ ESG performance. The first closing of this impact lending fund has been achieved for c. €100 million at end-December 2020 with the support from the European Union.
  • In 2021, Tikehau Capital intends to launch a new high yield impact fund within its capital markets strategies.

This first issue of sustainable bond has reached a strong appetite from investors which confirms their confidence in the credit quality of Tikehau Capital.

It has been placed with a diversified base of more than one hundred investors and has been subscribed by more than 75% of international investors.

Tikehau Capital’s long-term issuer credit rating has been confirmed by Fitch Ratings at the beginning of 2021 at BBB- with a stable outlook. Tikehau Capital’s ESG performance has also been recognized in particular in 2020, and positions the Group among the best players in its industry:

  • Tikehau Capital has been awarded an A+ overall score by the UN PRI (United Nations Principles for Responsible Investment) and for the second year in a row, received an A+ score in the Strategy and Governance module covering the firm’s overall responsible investing and ESG approach.
  • In September 2020, Tikehau Capital has been assigned a 66/100 inaugural ESG rating by Vigeo, placing the Group among the best European companies in its field.
  • Tikehau Capital is ranked 4th by Sustainalytics, out of a universe of more than 250 asset managers and custodians, reflecting a low level of exposure to ESG risks as well as a highly effective ESG risk management policy.

The sustainability aspects of this bond issue have been structured in collaboration with Crédit Agricole Corporate and Investment Bank as sole sustainable bond structurer. The net proceeds of this issue will be used to finance and/or re-finance in whole or in part, new and/or existing Eligible Sustainable Investments as set out in Tikehau Capital’s sustainable bond framework available on the Group’s website (https://www.tikehaucapital.com).

Application has been made to Euronext Paris for the bonds to be admitted to trading on Euronext Paris.

Once the Autorité des marchés financiers has approved the prospectus, the final version of the prospectus, which includes risk factors in relation to Tikehau Capital which are more up to date than those in the 2019 Universal Registration Document of Tikehau Capital will be published on the Issuer's website. The settlement is scheduled for 31 March 2021.

Characteristics of the bond issue:

Total amount issued

     

€500m

Maturity

     

31 March 2029

Annual interest rate

     

1.625%

Listing

     

Euronext Paris

The bond placement has been arranged by Crédit Agricole Corporate and Investment Bank, Goldman Sachs Bank Europe SE and Société Générale as Global Coordinators and Joint Lead Managers, as well as by BNP Paribas, Intesa Sanpaolo S.p.A., RBC Capital Markets (Europe) GmbH and UniCredit Bank AG as Joint Lead Managers.

ABOUT TIKEHAU CAPITAL

Tikehau Capital is a global alternative asset management group with €28.5 billion of assets under management (at 31 December 2020).

Tikehau Capital has developed a wide range of expertise across four asset classes (private debt, real assets, private equity and capital markets strategies) as well as multi-asset and special opportunities strategies.

Tikehau Capital is a founder-led team with a differentiated business model, a strong balance sheet, proprietary global deal flow and a track record of backing high quality companies and executives.

Deeply rooted in the real economy, Tikehau Capital provides bespoke and innovative alternative financing solutions to companies it invests in and seeks to create long-term value for its investors. Leveraging its strong equity base (€2.8 billion of shareholders’ equity at 31 December 2020), the firm invests its own capital alongside its investor-clients within each of its strategies.

Controlled by its managers alongside leading institutional partners, Tikehau Capital is guided by a strong entrepreneurial spirit and DNA, shared by its 594 employees (at 31 December 2020) across its 12 offices in Europe, Asia and North America.

Tikehau Capital is listed in compartment A of the regulated Euronext Paris market (ISIN code: FR0013230612; Ticker: TKO.FP).

For more information, please visit: www.tikehaucapital.com

DISCLAIMER:

This press release is for information purposes only and is not an offer to sell or subscribe securities or a solicitation of an order to purchase or subscribe securities in any jurisdiction. The securities mentioned in this press release were not and will not be offered through a public offering and no related documents will be distributed to the public in any jurisdiction.

This press release does not constitute an offer for sale of securities in the United States of America or any other jurisdiction. These securities may not be offered or sold in the United States of America unless they are registered or exempt from registration under the US Securities Act of 1933 (the “US Securities Act”), as amended. Tikehau Capital does not intend to register any of the securities mentioned in this announcement in the United States or to conduct a public offering of securities in the United States.

This press release is not a prospectus as required under Regulation (UE) 2017/1129 (the “EU Prospectus Regulation”).

No action has been undertaken or will be undertaken to make available any Bonds to any retail investor in the European Economic Area. For the purposes of this provision:

a) The expression “retail investor” means a person who is one (or more) of the following:

(i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “EU MiFID II”); or

(ii) a customer within the meaning of Directive 2016/97/EU, as amended, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of EU MiFID II.

b) The expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Bonds to be offered so as to enable an investor to decide to purchase or subscribe the Bonds.

Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “EU PRIIPs Regulation”) for offering or selling the Bonds or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Bonds or otherwise making them available to any retail investor in the EEA may be unlawful under the EU PRIIPS Regulation.

This press release does not constitute an offer of securities in France or in any other country. The bonds have been and will only be offered and distributed to qualified investors, as defined in article 2(e) of the EU Prospectus Regulation, and in accordance with, Article L.411-2 of the French Monetary and Financial Code, as amended.

[No action has been undertaken or will be undertaken to make available any Bonds to any retail investor in the United Kingdom. For the purposes of this provision:

a) The expression “retail investor” means a person who is one (or more) of the following:

(i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("EUWA"); or

(ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (the "FSMA") and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of UK domestic law by virtue of the EUWA.

b) The expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Bonds to be offered so as to enable an investor to decide to purchase or subscribe the Bonds.

This press release may be sent to persons located in the United Kingdom only under circumstances where section 21(1) of the Financial Services and Markets Act 2000 does not apply.

The subscription or purchase of securities of Tikehau Capital may be subject to specific legal or regulatory restrictions in certain countries. Tikehau Capital assumes no responsibility for any violation by any person of these restrictions. The distribution of this press release in certain jurisdictions may be restricted by law.

PRESS CONTACTS: Tikehau Capital: Valérie Sueur – +33 1 40 06 39 30 UK – Prosek Partners: Henrietta Dehn – +44 7717 281 665 USA – Prosek Partners: Trevor Gibbons – +1 646 818 9238 press@tikehaucapital.com

SHAREHOLDER AND INVESTOR CONTACT: Louis Igonet – +33 1 40 06 11 11 shareholders@tikehaucapital.com

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