April 10 (Renewables Now) - US integrated circuits producer Analog Devices (NASDAQ:ADI) has raised USD 400 million (EUR 365.5m) from its maiden issuance of green bonds, it said on Wednesday.
The offering of the 2.950% senior unsecured notes is the first placement of green bonds in the semiconductor industry. The issuance of the securities, which mature in April 2025, was met with “significant” institutional investor interest.
Funds from the transaction will go for projects that support Analog Devices’ environmental sustainability, including renewable energy, energy efficiency, green buildings, pollution prevention and control and clean transportation, among others. The company's sustainability plan includes a goal for cutting its greenhouse gas emissions by 50% by 2025 from a 2015 baseline.
“At ADI, we are committed to engineering a sustainable future and this is an important next step in driving sustainable growth for all ADI stakeholders,” said Vincent Roche, president and CEO of Analog Devices.
Rating firm Sustainalytics consulted Analog Devices on matters connected with the placement.
(USD 1.0 = EUR 0.914)