Unibail-Rodamco-Westfield (URW) has successfully issued a €750m green bond with a 7-year maturity and a fixed coupon of 4.125% (i.e. mid swap + 145 bps).
The bond received strong demand from investors, achieving an oversubscription of 6.1 times and an order book of more than €4.5bn at its peak, reflecting the high level of debt investors’ appetite for URW’s credit.
The proceeds from this bond will enhance the Group’s cash position to €5.8bn on a proforma basis as at September 30, 2023, while extending its average debt maturity.
This issuance is URW’s first green bond in the Euro bond market since 2015. The bond will finance or refinance Eligible Green Assets in line with the Group’s 2022 Green Financing Framework. It aligns with the Group’s sustainability strategy and its Better Places roadmap
shared with the market on October 10, 2023, to create positive environmental and social impacts.
The notes are expected to settle and be admitted to trading on Euronext Paris on December 11, 2023.
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