Japan's Morinaga Milk readies first issuance of green bonds

Chicago, Sept. 30 – Morinaga Milk Group is planning to issue ¥5 billion of three-year bonds, according to a notice.

The bonds will be straight bonds with inter-bond pari passu clauses.

The company plans to issue them in October.

Nomura Securities Co., Ltd. and Mizuho Securities Co., Ltd are working as underwriters.

Nomura Securities Co., Ltd is the structuring agent.

Proceeds will be used for eligible projects. Specifically, the company plans to use proceeds for a manure processing and biogas power generation system, the purchase of green power certificates, the introduction and upgrades to ice banks used in the company’s business activities, upgraded refrigeration facilities, an investment to increase capacity at wastewater treatment facilities and the lighter plastic containers.

Rating and Investment Information, Inc. has provided a third-party opinion on the green bond program.

The Tokyo-based company offers milk products.

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