Ivy he placed his first sustainability-linked bond for a value of 500 million euros, repayable in 12 and a half years. The loan, reserved for qualified investors, is non-convertible and has recorded a demand equal to approximately four times the offer. “The issue – explains the multi-utility in a note – is part of the sustainability strategy aimed at reducing emissions and recycling plastics”.
The bond will pay a fixed rate annual coupon of 1%, while the yield at the time of issue is equal to 1,077%. Starting from the interest payment date of 2032, an increase in the interest rate is envisaged in the event that the company does not achieve the objectives of reducing emissions in tonnes of CO2 (rate increase of 0,20%) and the amount of plastic recycled in thousands of tons (rate increase of 0,15%).
The new issue, whose settlement date is scheduled for 25 October 2021, will be listed, starting from the issue date, on the Dublin and Luxembourg markets and, at a later time, on the ExtraMOT PRO multilateral trading system of Borsa Italiana .
Il rating expected is in line with Hera's: Baa2 with stable Outlook for Moody's and BBB+ with stable Outlook for Standard & Poor's.
"Our first sustainability-linked bond represents further confirmation of Hera's commitment to sustainable development, with a focus on carbon neutrality and the circular economy, also thanks to ESG financial strategies - he underlines Stefano Venier, CEO of the Hera Group – We have long been involved in measures to reduce emissions and recycle plastics. Themes that are particularly relevant to us, also due to the very nature of the businesses in which we operate, where we can concretely make a difference in responding to the many challenges we are facing, starting with climate change, and help achieve the objectives of the 2030 Agenda ”.
