- UPM has successfully issued a new EUR 600 million Green Bond under its EMTN.
- UPM deliver renewable and responsible solutions and innovates for a future beyond fossils across six business areas.
UPM has successfully issued a new EUR 600 million Green Bond under its EMTN (Euro Medium Term Note) Programme and Green Finance Framework. The bond matures in August 2034, pays a fixed annual coupon of 3,375 per cent and is expected to be rated BBB+ by S&P Global Ratings.
UPM will apply for the bond to be listed on the Irish Stock Exchange plc, trading as Euronext Dublin. BNP Paribas, Danske Bank, J.P. Morgan, OP Corporate Bank, and SEB were joint book-runners.
The net proceeds of the issue will be used to finance or refinance Eligible Projects and Assets under UPM’s updated Green Finance Framework from November 2023. The indicative allocation of the framework categories for use is sustainable forest and plantation management, climate-positive and circular bio-economy-adapted products and solutions, and renewable or CO2-free energy.
“With the successful fourth issuance, UPM further strengthened its position as one of the largest corporate Green Bond issuers in the Nordics, with a total of EUR 2,350 million issued. We are once again pleased with the confidence and interest shown by investors. This fourth Green Bond further links our financing to our sustainability goals and supports our overall Biofore strategy,” says Tapio Korpeinen, CFO of UPM.
The EMTN Base Prospectus, the Supplement to the EMTN Base Prospectus and the Green Finance Framework are available on UPM’s website
UPM deliver renewable and responsible solutions and innovates for a future beyond fossils across six business areas: UPM Fibres, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Communication Papers and UPM Plywood. As the industry leader in responsibility, the firm is committed to the UN Business Ambition for 1.5°C and the science-based targets to mitigate climate change.