France: Saint-Gobain has launched a Euro1.5bn bond issue. The issue consists of three Euro500m tranches, with maturities of three, six and 10 years. It is linked to two indicators of Saint-Gobain sustainability targets, namely its progress towards a 33% reduction in Scope 1 and 2 CO2 emissions and an 80% reduction in production waste between 2017 and 2030. The company said that the transaction will enable it to extend the average maturity of its debt with mid to long-term funding.
CFO Sreedhar Natarajan said “Sustainable growth is at the heart of Saint-Gobain’s business model. The issuance of a sustainability-linked bond demonstrates the strength of Saint-Gobain’s commitments set out in its environmental and social governance roadmap. The group aims in particular to tackle the big energy and environmental challenges faced by the world with its contribution to reduce CO2 emissions in its operations, and also decarbonise construction and industrial activities through its sustainable solutions”
