SKF has announced that it has issued a green bond. The bond will raise EUR 300 million to fund qualified green projects in accordance with SKF's freshly launched Green Finance Framework.
SKF's green bond has received much attention from investors and it was oversubscribed four times. The proceeds from the bond will finance green investments that reduce CO2 emissions and impact from SKF's own operations and supply chain operations, as well as supporting customers to reduce their emissions. This will be done through capital investment in manufacturing, plant and property and R&D related to cleantech industries.
Niclas Rosenlew, Senior Vice President and CFO, says: "We are very pleased with the vast interest from investors from all over Europe for our green bond. This shows the capital market's confidence in SKF's financial strength."
"Issuing a green bond is a further step to integrate sustainability to our financing operations. With the green bond we also diversify our investor base by reaching out to new investors and increase the transparency towards our stakeholders even further."
The value of the green bond is EUR 300 million with a duration of ten years. Settlement day will be on 15 November 2019. The bond has a fixed rate and carries a coupon of 0.875% annually. There are no financial covenants for the bond. The bond will be listed on the Luxembourg Stock Exchange (LuxSE) and it will also be displayed on the Luxembourg Green Exchange (LGX).
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