Pandora secures 500 million euro sustainability-linked Eurobond

Danish jewellery manufacturer Pandora has announced that it has successfully placed an aggregate principal amount of 500 million euros senior unsecured sustainability-linked notes due 2028.

The move comes under the brand’s newly established Euro medium-term note (EMTN) programme, with the aforementioned notes to be issued March 10 at a price of 99.46 euros, listing on Euronext Dublin.

The net proceeds from the transaction will be applied by Pandora for planned refinancing and general corporate purposes, the company said in a release.

Pandora further announced that it had 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”.

The new programme is linked to Pandora’s responsible business practices and sustainability performance, particularly that of its greenhouse gas emission reductions and procurement of recycled silver and goal.

This has been set out in a sustainability-linked finance framework assessed by Moody’s, marking the third time Pandora has linked its financing to ambitions in this area.

Commenting on the matter, CFO Anders Boyer, said: “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.”