Korian Announces the Successful Issuance of Its 7-Year €300m Inaugural Social Bond
11 Ottobre 2021 - 8:01PM
Business Wire
- €300m 7-year public social bond with a 2.250% fixed
coupon
- Proceeds will finance the Group’s growth through Eligible
Social Projects in line with its Social Financing
Framework
- A new step in the Group’s ambitious ESG strategy
Regulatory News:
Korian (Paris:KORI) the leading European care services group for
elderly and fragile people, successfully priced a social bond for a
total nominal amount of €300m with a maturity of 7 years and a
fixed coupon of 2.250%.
This inaugural transaction marks Korian’s successful entry on
the euro public bond market, with a strong quality and
well-diversified orderbook coming from over 70 institutional
investors.
After the successes of its €230m sustainability-linked private
placement launched in 2020 and its £200m hybrid green bond priced
earlier this year, this inaugural social bond is another testimony
of the Group’s ambitious ESG strategy and of investors' confidence
in Korian’s credit profile.
The proceeds of the transaction will finance or refinance, in
whole or in part, new or existing Eligible Social Projects as
defined in the Issuer’s framework document (the “Social
Financing Framework”). The projects financed will be across the
Group’s segments of activity in aim to address the growing needs
for high quality care in Europe: long-term care, healthcare
(including mental health) and community care including home care
such as Petits-fils.
The Social Financing Framework was implemented in line with the
Social Bond Principles defined by the International Capital Market
Association and was reviewed by an independent expert. The Social
Financing Framework as well as the independent assessment performed
by Standard & Poor’s are available on Korian’s website:
https://www.korian.com/en/sustainable-finance.
The settlement is scheduled to occur on October 15th 2021, on
which date the bonds will be admitted to trading on the Global
Exchange Market of Euronext Dublin.
Philippe Garin, Chief Financial Officer of the Korian group,
commented: “The issuance of our inaugural social bond is another
milestone in our ESG commitments which are at the heart of the
growth strategy of the Group. This operation secures favourable
rates over the long term and diversifies the Group’s sources of
financing. Its success among investors is a recognition of the
strength of our balance sheet and overall our prudent financial
strategy.”
The issue was carried out with Bank of America, BNP Paribas and
Société Générale as Global Coordinators and CA CIB, CIC, HSBC and
ING as Active Bookrunners. Bank of America and Société Générale
were acting as Joint Social Bond Structuring Advisors on the
transaction. Korian was advised by the law firm White & Case.
The Global Coordinators and Active Bookrunners were advised by the
law firm Gide Loyrette Nouel.
About Korian
Korian, the leading European Care Services Group for elderly and
fragile people. www.korian.com
Korian has been listed on Euronext Paris
(Compartment A) since November 2006 and is included in the
following indices: SBF 120, CAC Health Care, CAC Mid 60, CAC Mid
& Small and MSCI Global Small Cap
Euronext Ticker: KORI – ISIN: FR0010386334 –
Reuters: KORI.PA – Bloomberg: KORI.FP
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CONTACTS INVESTORS
Sarah Mingham VP Investor Relations and Financing
sarah.mingham@korian.com Tél. : +33 (0)1 55 37 53 55
Carole Alexandre Deputy Head of Investor Relations
carole.alexandre@korian.com Tél. : +33 (0)7 64 65 22 44
CONTACTS MEDIA
Jean-Marc Plantade VP Press Relations
jean-marc.plantade@korian.fr Tél. : +33 (0)7 62 90 32 58
Cyrille Lachèvre Deputy Head of Press relations
cyrille.lachevre@korian.fr Tél. : +33 (0)7 61 53 54 86
Marjorie Castoriadis Media Relations Manager
marjorie.castoriadis@korian.fr Tél. : +33 (0)7 63 59 88 81