Pernod Ricard issues the first debt linked to sustainable development
Beverage manufacturer Pernod Ricard has issued its first sustainability bonds, raising EUR 750 million…
Beverage maker Pernod Ricard has issued its first sustainability-related bonds, raising €750 million.
Clifford Chance acted as legal advisor to Pernod Ricard in connection with the March 31 issue. The bonds have a term of seven years, pay an annual coupon of 1.375% and have started trading on the Euronext Paris stock exchange.
The company intends to use the proceeds to fund general corporate affairs.
The transaction follows the company’s sustainability and responsibility roadmap and is in line with its objectives to reduce overall greenhouse gas emissions and water consumption in its distilleries.
In a statement, Hélène de Tissot, Executive Vice President Finance, IT and Operations of Pernod Ricard, said: “This first sustainability bond in the wine and spirits sector underlines the strong investor interest in sustainable finance.” .
Clifford Chance has surrounded himself with a team led by partner Cédric Burford, assisted by counsel Auriane Bijon and lawyer Santiago Ramirez, all in Paris, as well as Dubai lawyer Jessica Hadid.
In January, Freshfields Bruckhaus Deringer assisted packaging company Sonoco with its inaugural $1.2 billion green bond issuance.