Imerys’ EUR300 Million Sustainability-Linked Bonds Offer

Clifford Chance advised the banks involved in the transaction.

Imerys successfully completed an issue of bonds indexed to sustainable development objectives (Sustainability-Linked Bonds) for a principal amount of 300 million euros.

The bonds issued are indexed to an objective of reducing greenhouse gas emissions by 22.9% in 2025 and 36.0% in 2030 in relation to turnover (tCO2e / million euros) in relation to to the 2018 reference year, as validated by the Science Based Target initiative (SBTi). This includes Scope 1 emissions (direct emissions from sources owned or controlled by Imerys) and Scope 2 emissions (indirect emissions from the production of electricity, heat or steam imported or purchased by the Group). Bond investors will receive a bonus if the company does not meet its targets in 2025 and 2030. Imerys will report annually on its performance against these key targets in its Universal Registration Document.

The bonds were issued in accordance with the principles of bonds indexed to sustainable development objectives published by the International Capital Market Association (ICMA).

Bonds due July 15, 2031 will bear an annual coupon of 1%. The settlement and delivery, as well as the admission to trading of the bonds on the regulated market of the Luxembourg Stock Exchange, took place on May 14, 2021.

The syndicate of lead banks was made up of BNP Paribas, Crédit Industriel et Commercial S.A., MUFG Securities (Europe) N.V and Natixis.

The banks were advised by Clifford Chance, with Cédric Burford (Picture), partner, Auriane Bijon, counsel, Alexander Tollast and Baya Hariche, associates.

Involved fees earner: Auriane Bijon – Clifford Chance; Cédric Burford – Clifford Chance; Baya Hariche – Clifford Chance; Alexander Tollast – Clifford Chance;

Law Firms: Clifford Chance;

Clients: BNP Paribas; Crédit Industriel et Commercial; MUFG Securities (Europe) N.V. ; Natixis;

Author: Federica Tiefenthaler