URW announces successful placement of €1.3 Bn dual-tranche green bond

Unibail-Rodamco-Westfield (ASX:URW) has successfully placed a €1.3 billion dual-tranche green bond, with an average coupon of 3.688%. The issuance comprises €650 million with a 5-year maturity and a 3.500% fixed coupon, and €650 million with a 10-year maturity and a 3.875% fixed coupon. The strong demand from investors led to an oversubscription of 4 times and an order book of more than €5.2 billion at its peak, reflecting the high level of debt investors' appetite for URW's credit. The proceeds will strengthen the Group's liquidity position while extending its average debt maturity. The bond will finance or refinance Eligible Green Assets in line with the Group's 2022 Green Financing Framework, aligning with its sustainability strategy and Better Places roadmap to create positive environmental and social impacts. The notes are expected to settle and be admitted to trading on Euronext Paris on September 11, 2024.

Executive Commentary

The successful placement of the €1.3 billion dual-tranche green bond reflects the strong confidence and support from investors in URW's credit. This issuance will enhance our liquidity position and extend our average debt maturity, supporting our ongoing sustainability strategy and Better Places roadmap. We are pleased with the overwhelming demand, which demonstrates the market's recognition of our commitment to creating positive environmental and social impacts. The proceeds from this green bond will further strengthen our ability to contribute to urban regeneration projects and industry-leading sustainability standards, in line with our Better Places plan.

Summary

Unibail-Rodamco-Westfield (ASX:URW) has successfully placed a €1.3 billion dual-tranche green bond, with strong demand from investors leading to an oversubscription of 4 times and an order book of more than €5.2 billion at its peak. The issuance will strengthen the Group's liquidity position and extend its average debt maturity, while financing or refinancing Eligible Green Assets in line with the Group's 2022 Green Financing Framework. The bond aligns with URW's sustainability strategy and Better Places roadmap to create positive environmental and social impacts. The company's commitment to urban regeneration projects and industry-leading sustainability standards is further supported by the proceeds from this green bond. The notes are expected to settle and be admitted to trading on Euronext Paris on September 11, 2024, marking a significant milestone in URW's ongoing efforts towards sustainable financing and positive environmental contributions.