The Bel Group, the French cheese company behind brands Babybel and The Laughing Cow, has become the first company to issue Euro private placement (Euro PP) notes with sustainability-linked margins, following in the footsteps of the loan market, the Schuldschein market and subsequently the bond market.
Crédit Agricole arranged the transaction, selling two tranches: a €62.5m 1.486% eight year note and a €62.5m 1.761% 10 year note. According to a person familiar with the deal, the margins on the notes will change depending on whether the borrower fulfils certain environmental, social and governance (ESG)
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