Nexans' First Sustainability Bond Successfully Issued
Nexans has announced the successful issuance of its first euro Sustainability-Linked Bond. The bond has a 5-year maturity, an annual interest rate of 5.50%, and an aggregate nominal value of 400 million euros.
The transaction was well received by the market, and the size of the bond was increased from 325 million euros to 400 million euros.
This successful transaction reflects Nexans' strong financial position, which was further supported by S&P's recent decision to confirm its 'BB+' credit rating and upgrade its credit rating outlook from stable to positive in February 2023.
Nexans' first Sustainability-Linked Bond is in line with the company's Sustainable Financing Framework, which is a crucial aspect of its refinancing strategy and a significant step towards making sustainability a fundamental value of the Group.
The bond is tied to Nexans' climate objectives, which include a commitment to reduce its absolute Scopes 1 and 2 greenhouse gas emissions by -29.4% before December 31st, 2026, in accordance with SBTi targets, and to reduce its "Cradle-to-shelf" Scope 3 greenhouse gas emissions, linked to product carbon content, by -21.8% before the same deadline.
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