Finland's UPM sells EUR-750m green bond

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November 18 (Renewables Now) - Finnish maker of recyclable items UPM-Kymmene Corporation (HEL:UPM) last week announced the sale of its first green bond, raising EUR 750 million (USD 92m).

The company, which uses renewable and biodegradable raw materials to make everyday items and materials, issued the bond as part of its euro medium term note programme. The green bond matures in November 2028 and has a fixed coupon of 0.125%.

UPM will use the proceeds from the issue to finance or refinance eligible projects and assets as part of the company's green finance framework. The bond will trade on Euronext Dublin.

Citigroup, BNP Paribas, JP Morgan and Nordea managed the bond issue.

“We are very pleased to successfully issue our first green bond, which will further enhance our responsibility targets. The strong demand of the bond demonstrates the interest and confidence in UPM and our Biofore strategy," the company's chief financial officer Tapio Korpeinen commented.

(EUR 1.0 = USD 1.189)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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