According to the company, the floating rate notes of SEK 2.25 billion carry a coupon of 3m Stibor + 1.12%, while the fixed rate notes of SEK 550 million (EUR 50 million) have a coupon of 3.565%. Both bonds will mature in November 2030. SSAB announced that the net proceeds from the issuance will be allocated to projects defined in the company’s Green and Sustainability-Linked Finance Framework, including:
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Eco-efficient products, production technologies and processes
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Renewable energy investments
In line with its long-term strategy to virtually eliminate carbon emissions from its operations, SSAB described this inaugural green bond as “a significant milestone” in advancing its sustainability agenda.
SSAB Chief Financial Officer (CFO) Leena Craelius stated: “This green bond is an important step in aligning our financing with our sustainability ambitions. It reflects the strong connection between our financial strategy and our goal to lead the green transformation of the steel industry. The strong investor interest confirms confidence in our long-term vision.”
Danske Bank, SEB, and Swedbank acted as joint lead managers and financial advisors for the bond issuance. In addition, SEB served as the structuring advisor in the establishment of SSAB’s Green and Sustainability-Linked Finance Framework.
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