Pandora launches euro medium term note programme linked to sustainability
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Pandora obtains investment grade credit ratings from Moody’s and S&P and plans to secure EUR 500 million in funding under the programme
Pandora today announces its plan to establish a euro medium term note (“EMTN”) programme, a framework for issuances of senior unsecured notes. Subject to market conditions, Pandora plans to place an aggregate amount of EUR 500 million senior unsecured notes under the EMTN programme. The proceeds will be used for planned refinancing and for general corporate purposes.
Pandora also announces that it has obtained an issuer credit rating of Baa2 from Moody’s Investor Service and a BBB rating from S&P Global Ratings, both with a stable outlook.
Financing linked to sustainability
Underpinning the company’s commitment to responsible business practices, the new programme will be linked to Pandora’s sustainability performance when it comes to greenhouse gas emission reductions and procurement of recycled silver and gold.
This is set out in a sustainability-linked finance framework, which has been assessed by Moody’s to be aligned with the Sustainability-Linked Principles by the International Capital Market Association and to have a high contribution to sustainability.
The new EMTN programme will be the third time Pandora links its financing to its sustainability ambitions. It follows a revolving credit facility announced in 2021 and a loan with the Nordic Investment Bank in 2022.
“The new financing programme will allow us to further diversify our funding structure while at the same time linking it directly to our sustainability commitment. Obtaining solid investment grade credit ratings further highlights Pandora’s strong financial profile and attractive cash generation,” says CFO Anders Boyer.
The prospectus for the EMTN programme has been submitted for approval by the Central Bank of Ireland and will be available at https://pandoragroup.com/investor/debt-investor/emtn-programme.
The sustainability-linked finance framework and second party opinion by Moody’s are available at https://pandoragroup.com/investor/debt-investor/emtn-programme.
Nordea has acted as ratings and sustainability advisor to Pandora.
Pandora is the world’s largest jewellery brand. The company designs, manufactures and markets hand-finished jewellery made from high-quality materials at affordable prices Pandora jewellery is sold in more than 100 countries through more than 6,500 points of sale, including more than 2,500 concept stores.
Headquartered in Copenhagen, Denmark, Pandora employs 32,000 people worldwide and crafts its jewellery at two LEED-certified facilities in Thailand using mainly recycled silver and gold. Pandora is committed to leadership in sustainability and has set science-based targets to reduce greenhouse gas emissions by 50% across its own operations and value chain by 2030. The company is listed on the Nasdaq Copenhagen stock exchange and generated revenue of DKK 26.5 billion (EUR 3.6 billion) in 2022.
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