Clifford Chance

Clifford Chance advises on Wesfarmers' first Euro denominated sustainability-linked notes

Leading international law firm Clifford Chance has advised the joint lead managers on Wesfarmers Limited’s €600 million (approximately A$938 million) 0.954 per cent sustainability-linked fixed-rate notes due 21 October 2033, under its €3 billion Euro Medium Term Note Programme.

This is Wesfarmers’ first Euro denominated sustainability-linked bond issuance in the European debt capital markets. The notes are structured with a direct link to progress against specific energy and emissions targets.

Mark Chan, the lead partner on the transaction said, "We are pleased to have advised on this milestone transaction – Wesfarmers' first Euro denominated sustainability-linked bond. The bond will be linked to increasing the use of renewable electricity in the Group’s retail divisions and reducing emissions intensity in its Chemicals, Energy and Fertilisers division. The successful completion of this transaction demonstrates the growing alignment of debt financing with sustainability initiatives and the healthy investor demand for sustainability-linked bonds.”

Mark was supported by senior associate Jason Hitch and legal assistant Christine Chan.

The joint lead managers included Barclays Capital Asia Limited, BNP Paribas, MUFG Securities Asia Limited, SMBC Nikko Capital Markets Limited and Société Générale.