Shipping’s first Sustainability-Linked Bond
Odfjell SE successfully places shipping’s first Sustainability-Linked Bond
As the first in the international shipping industry, Odfjell SE has successfully issued a sustainability-linked bond. With a tight link to Odfjell’s long-term climate targets, the bond marks another milestone in the company’s ambitious work to reduce the environmental impact of shipping.
As referenced in today’s stock market notice, DNB Markets, Nordea and SEB acted as Joint Lead Managers and Sustainability Structuring Advisors in the transaction. Upon closing, the unsecured bond issue was substantially oversubscribed and driven by a high-quality and ESG (Environmental, Social and Governance) focused orderbook. The issue size was set to NOK 850 million with a maturity date in January 2025. Proceeds from the bond issue will be used to refinance existing bonds and for general corporate purposes. The bond is intended to be listed on Oslo Børs and Euronext ESG Bonds.
The bond issue is the first to be issued under a newly established Sustainability-Linked Finance framework, and is linked to Odfjell’s fleet transition plan and ambition to reduce the carbon intensity of its controlled fleet by 50% by 2030 compared to 2008 level.
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