Chicago, March 3 – Denmark’s Pandora A/S priced €500 million of 4.5% sustainability-linked bonds due 2028 (Baa2/BBB) on Friday, according to a market source and a press release.
The 4.5% notes priced at 99.462 to yield 4.623%, or at mid-swaps plus 120 basis points. Talk started in the mid-swaps plus 150 bps area.
The notes are callable with a Bunds plus 30 bps make-whole premium. There is a one-month par call option.
A redemption price step-up will occur if the company fails to meet certain targets. For scope 1 and 2 emissions, there would be a 25 bps step-up. For a target linked to scope 3 emissions, there would be a 50 bps step-up. And, the company is aiming to use all recycled silver and gold by 2025. If it does not, there will be a 25 bps step-up.
The issue price was fixed before pricing.
Demand peaked at €2 billion.
BNP Paribas, Danske Bank, Morgan Stanley and Nordea are the joint bookrunners. Danske and Nordea were the global coordinators. Danske was handling billing and delivery. The sustainability structurer is Nordea.
Proceeds will be used for general corporate purposes, including refinancing debt. This includes a bridge facility provided by certain of the joint active bookrunners.
Pandora is a jewelry brand with headquarters in Copenhagen.
| Issuer: | Pandora A/S
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| Amount: | €500 million
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| Issue: | Sustainability-linked bonds
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| Maturity: | April 10, 2028
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| Bookrunners: | BNP Paribas, Danske Bank, Morgan Stanley and Nordea
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| Sustainability structurer: | Nordea
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| Coupon: | 4.5%
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| Price: | 99.462
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| Yield: | 4.623%
|
| Spread: | Mid-swaps plus 120 bps
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| Call features: | Make-whole call at Bunds plus 30 bps; one-month par call
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| Change of control: | At par
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| Trade date: | March 3
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| Settlement date: | March 10
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| Ratings: | Moody’s: Baa2
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| S&P: BBB
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| Distribution: | Regulation S
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| Price talk: | Mid-swaps plus 150 bps area
|
| Marketing: | Investor calls
|
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| ISIN: | XS2596599147
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