Aflac Inc.’s $400 Million Inaugural Sustainability Bond Offering

Sullivan & Cromwell LLP advised underwriters on the deal.

Aflac Inc., a leading provider of supplemental health and life insurance in the United States and Japan, completed its $400 million inaugural sustainability bond offering. The notes were issued pursuant to Aflac’s new Sustainability Bond Framework.

The net proceeds will be allocated exclusively to investments in, or financing of, projects or assets that provide environmental and social benefits. Eligible sustainability projects include renewable energy, energy efficiency, clean transportation and investments and financings that seek to improve equity and inclusion of target populations.

The underwriters are Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, Academy Securities, Inc., Drexel Hamilton LLC and Wells Fargo Securities, LLC.

The Sullivan & Cromwell team advising on the deal included Marion Leydier (Picture) and Bonnie Macfarlane. Samuel Saunders and Sarah Mishkin advised on ESG-related matters. Jeff Hochberg and Saul Brander advised on tax matters. Esther Jeapes and Kirsten Rodger advised on U.K. and EU-related matters.

Involved fees earner: Saul Brander – Sullivan & Cromwell; Jeffrey Hochberg – Sullivan & Cromwell; Esther Jeapes – Sullivan & Cromwell; Marion Leydier – Sullivan & Cromwell; Kirsten Rodger – Sullivan & Cromwell; Samuel Saunders – Sullivan & Cromwell;

Law Firms: Sullivan & Cromwell;

Clients: Academy Securities Inc.; Drexel Hamilton; Goldman Sachs & Co.; Mizuho Securities; Wells Fargo Securities;

Author: Martina Bellini