Chicago, Jan. 18 – CPI Property Group sold €700 million of 1¾% sustainability-linked bonds due 2030 (Baa2/BBB), according to a press release.
The coupon will step up by 25 basis points in the final two years if CPI has not reduced its greenhouse gas emissions by 22% by year-end 2027 versus the 2019 baseline. CPI has committed to reduce greenhouse gas emissions by 30% through 2030.
Goldman Sachs International, HSBC Continental Europe, Societe Generale and UniCredit Bank AG are the joint global coordinators and joint bookrunners.
Bank of China Ltd., London Branch and Barclays Bank Ireland plc are joint bookrunners.
Proceeds will be used to fund the full repayment of CPI’s $377 million outstanding 4¾% notes due March 8, 2028 and €239 million outstanding 2 1/8% notes due Oct. 4, 2024.
The bonds will be listed on the Irish Stock Exchange.
CPI Property is a Luxembourg-based real estate company focused on property investments in Central and Eastern Europe.
| Issuer: | CPI Property Group
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| Amount: | €700 million
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| Issue: | Sustainability-linked bonds
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| Maturity: | Jan. 14, 2030
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| Bookrunners: | Goldman Sachs International, HSBC Continental Europe, Societe Generale, UniCredit Bank AG, Bank of China Ltd., London Branch and Barclays Bank Ireland plc
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| Coupon: | 1¾%
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| Trade date: | Jan. 17
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| Ratings: | Moody’s: Baa2
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| S&P: BBB
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