Bel sells first sustainability-linked Euro PP notes

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By Silas Brown
17 Oct 2019

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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