06/01/2022 Huhtamaki Oyj (HUHTAM) EUR500m (WNG) Reg S sr unsec Sustainability-Linked Bond due 06/09/2027 (5y). NCL (MWC B+50bp, 3mo par call, residual call (75%), CoC 101). NR/BB+ (--/stable). Via BNP/Citi/Nordea/SEB (B&D) jt active books. Nordea as Sustainability Advisor. The bonds will be offered under a Standalone Prospectus governed under Finnish law and listed on the Helsinki Stock Exchange. Annual pay (Act/Act). Demoms: 100x100. Settles 06/09 (T+6). ISIN: FI4000523660. IPT: 4.875%-5.00%. Guidance: 4.50% area (+/- 01.25% wpir). Launched: EUR500m at 4.375% yield. Priced: 4.25% at 99.449, yield 4.375%. +349.4bp vs OBL 0% 04/27 (#185). Did fixed income investor calls 05/30-31 (BNP coordinated roadshow logistics). Books went subject at 12:15pm UKT 06/01. Final books over EUR1.5bn. UOP: refinance its US$500m muilti-currency bridge loan incurred in August 2021 to finance the acquisition of Turkey-based sustainable flexible packaging supplier, Elif Holding AS, and GCP. Biz: a global leader in sustainable food packaging. HQ: Epsoo, Finland.
The Sustainability-Linked Bond offering will be issued in accordance with Huhtamaki’s newly established Sustainability-Linked Bond Framework which is in alignment with the Sustainability-Linked Bond Principles. A Second Party Opinion has been provided by ISS ESG, dated 20 May 2022. A coupon step-up event will be linked to Huhtamaki’s ability to reduce Scope 1 and 2 GHG Emissions to or below 669,000 Mt CO2e for the reporting period ending on 31/12/2024. A coupon step-up of 0.375% per annum may be applied from 2025 onward (applicable for the last two interest periods). The Sustainability-Linked Financing Framework and Second Party Opinion are available at https://www.huhtamaki.com/en/investors/financial-information/debt-investors/