11/03/2021 Verallia SA (VRLAFP) EUR500m (WNG) Reg S bearer sr unsec Sustainability-Linked notes due 11/10/31 (10y). NCL (MWC OAT+30bp) (3mo par call). Clean-up call (75%). NR/BB+ (--/stable). (Issuer ratings Ba2/BB+ (stable/positive). Via BNP (B&D)/Santander/SocGen jt glocos/CA/DB/La Banque Postale/Raiffeisen jt passive books. BNP Paribas coordinated roadshow logistics. List Euronext Paris. French law. Annual pay (Act/Act). Settles 11/10 (T+5). ISIN: FR0014006EG0. IPT: 2.25% area. Px guidance: 2.00%-2.125%. Final terms: $500m at 2.00% yield. Priced: 1.875% at 98.877, yield 2.00%. ms+179.3bp. +216.9bp vs DBR 0.25% 02/27. +182.2 vs FRTR 0% 11/31. Did investor call at 10:30am UKT 11/02 (also 1x1s). Books went subject at 2:15pm UKT 11/03. Final books EUR1.2bn. UOP: refinance part of the existing financial indebtedness of the Group. Biz: the European leader and world’s 3rd largest producer of glass packaging for beverages and food products. HQ: Courbevoie, France.
The SLB will be issued in accordance with Verallia’s Sustainability-Linked Financing Framework dated April 2021. A Second Party Opinion has been delivered by V.E. The offering will be linked to Verallia achieving 2 KPI conditions by 2025: 1. Reduce CO2 emissions (scope 1 and 2) to 2,625 kt by 2025 (15% decrease vs 2019 baseline of 3,090 kt; and 2. Increase external cullet share to 59% by 2025 (10 points increase vs 2019 baseline of 49%). Step-up margins: Zero SPT met, +20bp; one SPT met, +10bp; two SPTs met, +0bp. Applicable from the next interest period following Dec 31, 2025 and up to maturity.