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Sonae refinances 150 million euros with terms subject to targets for people and the planet

Sonae refinances 150 million euros with terms subject to targets for people and the planet

2020-12-10
Part of that return is associated with promoting female leadership and with reducing CO2 emissions. This ESG-linked financing, with gender equality targets, is one of the first in Europe.

Sonae completed a set of refinancing operations indexed to the Group’s performance in environmental, social and governance indicators (ESG), certified by an independent external entity, in the amount of 150 million euros. These operations include specific goals in environmental and social terms, as part of the spread is now indexed to Sonae’s performance in promoting the presence of more women in managerial positions and in reducing CO2 emissions.

Among these operations, it is worth highlighting the first unsecured bond issuance through a private placement of 50 million euros, arranged by the BPI Bank, with the abovementioned ESG goals. This is one of the first ESG operations in Europe and the actual first in Iberia linked with specific performance indicators for female leadership. Also, Sonae signed two sustainable financing deals with CaixaBank amounting to 100 million euros, with the same targets.

These operations allowed to continue to strengthen Sonae’s liquidity position and to increase its average maturity debt profile, with especial emphasis on the fact that, since the beginning of the year, the Group has already refinanced more than 830 million euros in long term loans.

João Dolores, CFO of Sonae, says, "At Sonae, we are deeply committed to creating social and environmental value, in addition to economic value. We have always believed these goals were not incompatible. Incorporating targets that promote gender equality and carbon neutrality into the Group’s financial management is yet another way to strengthen our commitment towards a more equal and ecological future.”

Moreover, it should be noted that Sonae has recently announced its revised Plan for Gender Equality, with more ambitious targets for female leadership, as well as its commitment to carbon neutrality by 2040, ten years ahead of the target established by the European Union. 
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