KPN successfully issues € 500m Green Hybrid Bond
12 June 2024 - 1:45AM
KPN successfully issues € 500m Green Hybrid Bond
NOT FOR DISTRIBUTION TO ANY U.S. PERSON OR ANY
PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA OR IN
ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS
ANNOUNCEMENT
Today, Koninklijke KPN N.V. (“KPN”) has
successfully issued a Green € 500m perpetual non-call 5.25 year
subordinated bond to finance projects that support KPN’s
sustainability ambitions and have a positive environmental impact
(the “Green Hybrid Bond”). With this issuance, KPN further
demonstrates its commitment to its sustainability ambitions through
financing arrangements. The Green Hybrid Bond issuance has been
well received by institutional investors with a final orderbook in
excess of € 1.9bn and a broad diversified investor base.
The Green Hybrid Bond was priced with a coupon
of 4.875% per annum until the first reset date on 18 September 2029
and is first callable in June 2029. The Green Hybrid Bond will be
treated for 50% as equity and 50% as debt by the credit rating
agencies and will be accounted for as equity under IFRS. The Green
Hybrid Bond is expected to be rated BB+ by both S&P and Fitch
and will be listed on the Global Exchange Market of Euronext
Dublin.
The Green Hybrid Bond is issued under KPN’s
Green Finance Framework and with its proceeds, KPN will finance or
refinance projects with positive environmental impact in three
areas: Energy Efficiency (network transformation including roll-out
of fiber and modernization of KPN’s mobile network), Circular
Economy (investments that extend product life and reduce waste) and
Clean Transportation (reducing emissions by shifting to electric
vehicles). The Green Hybrid Bond reinforces KPN’s environmental
efforts and supports its ambition to become “Net Zero” by 2040.
Sustainalytics, a leading ESG research agency,
has provided an updated second-party opinion on KPN’s Green Finance
Framework which it considers credible and impactful and in
alignment with the core components of the Green Bond Principles.
The documentation related to the Green Finance Framework and this
bond issue is available on KPN’s website.
ING, Goldman Sachs, ABN Amro, BNP Paribas, and
Intesa Sanpaolo acted as Joint Lead Managers for the Green Hybrid
Bond offering.
Disclaimer
These materials are not for release, distribution or
publication, whether directly or indirectly and whether in whole or
in part, to U.S. persons or into or in the United States,
Australia, Canada or Japan or any (other) jurisdiction where to do
so would constitute a violation of the relevant laws of such
jurisdiction. This press release is not an offer of the Bonds for
sale in the United States, Australia, Canada or Japan or any
(other) jurisdiction where to do so would constitute a violation of
the relevant laws of such jurisdiction.The Bonds are not and will
not be registered under the US Securities Act of 1933, as amended
(the “US Securities Act”) and will also not be registered with any
authority competent with respect to securities in any state or
other jurisdiction of the United States of America. The Bonds may
not be offered or sold in the United States of America without
either registration of the Bonds or an exemption from registration
under the US Securities Act being applicable. There will not be a
public offering of the Bonds in the United States of America.
Formal disclosures:
Royal KPN N.V. Head of IR: Matthijs van Leijenhorst Inside
information: Yes Topic: KPN successfully issues € 500m Green Hybrid
Bond11/06/2024; 17:45hKPN-N
- KPN successfully issues € 500m Green Hybrid Bond
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