We have successfully issued our first green bonds

In early May 2024 we issued our first green bonds, raising NOK 2.5 billion for projects that will deliver environmental benefits as part of our sustainability driven growth strategy. The bonds were raised at very attractive terms on the back of a heavily oversubscribed order book.

The senior unsecured green bonds were issued in three tranches:

  • NOK 750 million, 3-year bond with floating rate coupon of 3 months Nibor +1.20% p.a.
  • NOK 1.250 million, 5-year bond with floating rate coupon of 3 months Nibor +1.50% p.a.
  • NOK 500 million, 7-year bond with fixed rate coupon of 5.48%

“We are very happy to announce the highly successful issue of our first green bond, on the basis of the highest ‘Dark Green’ sustainability rating from S&P. We welcome new investors and their confidence in our sustainable packaging journey to replace plastics with cartons.”

Chief Finance Officer Bent Axelsen

The bonds will be listed on the Oslo Stock Exchange. Elopak’s Green Bond Framework has been given a ‘Dark Green’ rating by S&P Global, the best possible rating in S&P’s “Shades of Green” methodology.

Elopak’s Green Bond Framework has been set up in accordance with ICMA Green Bond Principles and follows best market practices. Green projects eligible for funding within the bond include circular economy-adapted products, production technologies and processes and/or certified eco-efficient products, renewable energy, clean transportation, and energy efficiency.

“These bonds will be instrumental in powering Elopak’s sustainability-driven growth strategy, helping us to make our cartons even more environmentally friendly and bringing our low-carbon packaging solutions to more markets around the world,”

Chief Finance Officer Bent Axelsen

Elopak has been rated BBB-/Stable by Nordic Credit Rating. Danske Bank and SEB acted as Joint Lead Managers and Green Bond Structuring Advisors for the transaction. Schjødt acted as legal counsel.

Please find all information about our Debt financing here.