Commercial, Finance - March 2, 2023
Pandora Launches Euro Note Program Linked To Sustainability
Pandora announces its plan to establish a euro medium term note (“EMTN”) program, a framework for issuances of senior unsecured notes.
Underpinning the company’s commitment to responsible business practices, the new program will be linked to Pandora’s sustainability performance when it comes to GHG emission reductions and procurement of recycled silver and gold.
This is set out in a sustainability-linked finance framework, which has been assessed by Moody’s to be aligned with the Sustainability-Linked Principles by the International Capital Market Association and to have a high contribution to sustainability.
The jewelry company plans to place an aggregate amount of EUR 500 million senior unsecured notes under the EMTN program. The proceeds will be used for planned refinancing and for general corporate purposes.
The new EMTN programme will be the third time Pandora links its financing to its sustainability ambitions. It follows a revolving credit facility announced in 2021 and a loan with the Nordic Investment Bank in 2022.
Pandora also announces that it has obtained an issuer credit rating of Baa2 from Moody’s Investor Service and a BBB rating from S&P Global Ratings, both with a stable outlook.
“The new financing programme will allow us to further diversify our funding structure while at the same time linking it directly to our sustainability commitment. Obtaining solid investment grade credit ratings further highlights Pandora’s strong financial profile and attractive cash generation,” says CFO Anders Boyer in a statement.