LAWYER-CLIENT BOND - Cleary Gottlieb Steen & Hamilton has helped the French building materials giant Saint-Gobain bring home its first bond issue linked to the achievement of environmental, social and governance goals, the latest major financing in Europe in the burgeoning ESG bond market, Law.com International’s A nne Bagamery reports. The €1.5 billion corporate bond issue, which closed earlier this month, includes €500 million in “sustainability-linked bonds,” Cleary said in a statement. If Saint-Gobain “does not meet the objectives set for the key performance indicators under the conditions described in the terms and conditions of the bonds, the interest rate of the sustainability-linked bonds will be increased by 0.375% or 0.75% following the sustainability performance target date in 2030,” the statement said. The company will use the net proceeds of the offering for general corporate purposes, Cleary said.
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