Clifford Chance advises on Woolworths Group's sustainability-linked notes
27 October 2021
Clifford Chance advises on Woolworths Group's sustainability-linked notes
Leading international law firm Clifford Chance has advised the joint lead managers on the international aspects of Woolworths Group's €550 million (approximately A$880 million) 0.375 per cent sustainability-linked fixed rate notes due 2028, A$350 million 1.85 per cent sustainability-linked fixed rate notes due 2027, and A$350 million 2.75% sustainability-linked fixed rate notes due 2031, under its Medium Term Note Programme.
The notes are structured with a direct link to Woolworths' sustainability goals to reduce carbon emissions.
The joint lead managers included Citigroup, BNP Paribas, HSBC, MUFG, SMBC Nikko, Commonwealth Bank of Australia and Westpac Banking Corporation.
The Clifford Chance team comprised of lawyers specialising in capital markets and debt issuance led by partner Mark Chan and senior associate Jason Hitch.
Mark said, "We are pleased to have advised the joint lead managers in what is another landmark transaction for the Woolworths Group – its first sustainability-linked bond. The bond will be linked to Woolworth's emissions reduction performance. The successful pricing and completion of this transaction reflects the increasing emphasis the financial markets have placed on aligning debt financing to ESG and sustainability initiatives. We anticipate there will be similar transactions to follow as more corporates continue to implement a ESG approach to their businesses while seeking for funding opportunities in areas related to sustainability."