29th May 2020 10:08
(Alliance News) -Â Pearson PLC on Thursday said subsidiary Pearson Funding PLC has priced GBP350 million of notes in its first "social bond".
The educational publisher said proceeds from the 3.75% notes, due in 2030, will be used to finance projects and spending that meets the criteria of its newly-established 'social bond framework'.
"Pearson's purpose is to help people make progress in their lives through learning. Through launching this bond, with a clear social element, we emphasise our commitment to ensuring learners around the world can gain access to high quality education, underpinning Pearson's support of the UN Sustainable Development Goals," said Chief Financial Officer Sally Johnson.
She added: "This is an important milestone for Pearson as we further strengthen our long-term liquidity and continue to build a more sustainable business that is focused on digital, lifelong learning."
Shares in the FTSE 100 constituent were down 0.5% at 458.60 pence in London on Friday morning.
By Lucy Heming;Â [email protected]
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