Global law firm White & Case LLP has advised Verallia, the leading European, and third largest globally, producer of glass containers for food and beverages, on its €500 million inaugural sustainability‐linked bond with a seven‐year maturity.
This issuance positions Verallia as the first issuer of Sustainability‐Linked Bonds in the glass packaging industry in Europe. It is also the first issue listed on Euronext Paris and approved by the French Autorité des marchés financiers, where the interest rate depends on achieving sustainability performance targets.
The proceeds of the transaction will be used to refinance part of Verallia’s existing financial indebtedness and will also enable the company to further diversify its sources of funding with direct access to the bond market, lengthen its debt maturity profile and further reinforce the visibility of its commitment to sustainability.
The sustainability‐linked bonds are aligned with Verallia’s ESG ambitions and were issued in accordance with the International Capital Market Association’s Sustainability‐Linked Bond Principles.
The banking syndicate consisted of BNP Paribas, Crédit Agricole CIB and Deutsche Bank, as Joint Global Coordinators, and Bank of America Securities Europe SA, Raiffeisen Bank International, Santander CIB and Société Générale CIB as Joint Bookrunners.
White & Case previously advised Verallia on its 2019 IPO on Euronext Paris.
The White & Case team in Paris which advised on the transaction was led by partners Séverin Robillard and Thomas Le Vert and included partner Alexandre Ippolito and associates Boris Kreiss, Petya Georgieva and Sarah Kouchad.
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