White & Case advises bank syndicate on Pernod Ricard's €1.1 billion sustainability-linked dual tranche bond issue

Global law firm White & Case LLP has advised a syndicate of banks on the €1.1 billion sustainability-linked dual tranche bond issue of Pernod Ricard, the second largest wine and spirits group globally.

The bank syndicate, led by Crédit Agricole Corporate and Investment Bank, included BofA Securities, Citigroup, Goldman Sachs, J.P. Morgan, Société Générale, BBVA Securities, Banco Santander, ING Bank, Morgan Stanley and SMBC Nikko Capital Markets.

The first tranche of €600 million 3.250% fixed rate notes is due November 2028. The second tranche of €500 million euros 3.750% fixed rate notes is due November 2032.

The transaction is linked to two environmental commitments: to reduce Pernod Ricard's absolute greenhouse gas emissions (Scope 1 and 2 of the Greenhouse Gas Protocol) and to decrease the water consumption per unit at distilleries. The net proceeds of this issuance will be used by Pernod Ricard for general corporate purposes.

White & Case previously advised the bank syndicate on Pernod Ricard's inaugural €750 million sustainability-linked bond issue in April 2022.

The White & Case team in Paris which advised on the transactions was led by partner Grégoire Karila and included counsel Tatiana Uskova.

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