100% of Gecina’s bond issues now transformed into Green Bonds
Gecina is pleased to report that the note holders invited to vote approved the transformation of 100% of its outstanding bond issues into Green Bonds for a total of €5.6bn.
The requalification of the 15 outstanding issues as Green Bonds was submitted for approval by note holders invited to attend a General Meeting for each existing issue.
92% of the note holders voted to approve this innovative program, with this result highlighting investors’ confidence in Gecina’s CSR strategy. Gecina has also made a commitment to apply the Green Bond format for all future issues.
This pioneering program aims to accompany the continuous, global improvement in the Group’s asset portfolio, including existing assets, and its environmental performance. It is based on an ambitious and dynamic Green Bond Framework (available on the Company's website), which has been subject to a second-party opinion by ISS Corporate Solutions.
On this operation, Gecina was advised by Crédit Agricole CIB and Allen & Overy.
In addition, the Group has signed two amendments to transform €475m of bank borrowings with HSBC into responsible lines. Responsible credit lines therefore represent 60% of the Group’s bank facilities in place today.
“This innovative program is a first. With it, Gecina is one of the few companies in the world to have an exclusively green euro bond financing program. This is fully aligned with its CAN0P-2030 plan, targeting net zero carbon emissions for the Group’s operational portfolio, with increasingly demanding criteria for the allocation of funds raised. It also builds on the policy launched in 2018 to set up responsible bank loans. Thanks to this requalification of 100% of its bond financing, 82% of the Group’s €10bn of total financing now includes a CSR component. This fully justifies our presence in the CAC 40 ESG index”, confirms Nicolas Dutreuil, Gecina’s Deputy CEO in charge of Finance.
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