Burberry prices inaugural sustainability bond

United Kingdom
Published:  15 September, 2020

The British luxury fashion group said the final terms are for a £300 million (US$387 million) 1.125% bond due September 21, 2025.

Burberry said it will be the first sustainability-labelled bond issued by a luxury fashion company, which aims to diversify the company’s sources of funding, introducing long-term financing into its capital structure. The proceeds are to be used to finance and/or refinance eligible sustainable projects as described by Burberry's Sustainability Bond Framework. The bond is expected to be rated Baa2 (stable outlook) by Moody's Investors Services.