Worley’s EUR 500 Million Sustainability-Linked Eurobond Offer

Allen & Overy has advised BNP Paribas, HSBC, Bank of China, Standard Chartered Bank and Wells Fargo on the deal.

BNP Paribas, HSBC, Bank of China, Standard Chartered Bank and Wells Fargo acted as joint lead managers on the EUR 500 million five-year sustainability-linked eurobond issued by Australian engineering consultancy firm Worley.

Worley’s sustainability-linked bond (“SLB”) transaction is a ground-breaking deal by an Australian corporate on the global stage. It is the first public SLB transaction from an Australian corporate in any market and is Worley’s first-ever public capital markets deal. Worley is the first issuer globally to execute its debut public transaction as an SLB. The transaction marked the inaugural issuance under Worley’s recently established USD 2 billion euro medium term note programme.

The transaction was also significant as it was the largest issue size and lowest coupon ever paid for any five-year euro issue by a BBB rated Australian company.

BNP Paribas are the Arranger on the programme and were Joint Active Lead Manager on the transaction. HSBC was the ESG Structuring Adviser as well as the Joint Active Lead Manager on the transaction.

The SLB is an important step in Worley’s decarbonisation strategy as the deal is linked to a single bold key performance target of a 50 per cent reduction in scope 1 and scope 2 CO2 greenhouse gas emissions from a 2020 baseline by 2025. 

The Allen & Overy team was led by partner Minesh Patel (Picture) with support from associates Thomas Pertsoulis, Caitlin Lee and Kevin Lee.

The Allen & Overy Corporate Trustee team led by Partner Tim Beech and senior associate Holly Hart advised The Bank of New York Mellon as Bond Trustee and Paying Agent on the programme and the transaction.

Involved fees earner: Tim Beech – Allen & Overy; Holly Hart – Allen & Overy; Kevin Lee – Allen & Overy; Caitlin Lee – Allen & Overy; Minesh Patel – Allen & Overy; Thomas Pertsoulis – Allen & Overy;

Law Firms: Allen & Overy;

Clients: Bank of China; Bank of New York Mellon; BNP Paribas; HSBC; Standard Chartered Bank; Wells Fargo;

Author: Sonia Carcano