3rd Jul 2019 10:18
(Alliance News) - Renewi PLC on Wednesday launched an up to EUR75 million bond issue to Belgian retail investors as it endeavours to be "completely green funded" on all of its long-term borrowings.
Shares in Renewi were up 1.9% at 28.20 pence in morning trade.
The green bond issue will have a gross 3% coupon for a five-year period ended July 2024 and, in combination with its EUR25 million European private placement last December and disposal proceeds, is expected to provide "significant long-term headroom" on Renewi's borrowing facilities.
Note proceeds will go toward the waste-to-product company's green investments such as "waste recycling, waste treatment, waste collection, and production of energy from waste". The money will also be used for the partial refinancing of existing debt, including Renewi's EUR100 million 2013 bond, which matures in July 30.
Renewi Chief Financial Officer Toby Woolrych said: "We are pleased to be launching the issue of the notes as another green bond in the Belgian market, our first since the creation of Renewi in 2017. The issue will complete our conversion to green financing, strengthen our funding position and support our ongoing investments in waste-to-product across the Benelux."
Shares in Renewi were down 1.6% at 28.29 pence on Wednesday morning.
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Renewi Plc