Ulker issues first sustainability-linked Eurobond
• Energy • News • South-East European INDUSTRIAL Мarket - issue 3/2024 • 03.09.2024
The European Bank for Reconstruction and Development (EBRD) is investing up to USD 90 million (EUR 83 million) in a sustainability-linked Eurobond (SLB) issuance by Turkiye’s Ulker Biskuvi Sanayi, one of the country’s leading snack brands. The SLB is part of a larger issuance totaling up to USD 550 million.
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This is the first sustainability-linked Eurobond issued by Ulker. The proceeds from the issuance will be used to refinance the company’s existing Eurobond due in 2025 and for general corporate purposes, enabling Ulker to meet its green targets of reducing Scope 1 and 2 greenhouse gas emissions by 42% by 2030, and Scope 3 emissions by 25% by 2030.
The company already has a strong track record in sustainability; it embraces a zero-waste corporate culture, sets science-based decarburization targets and is transitioning to more circular business models.