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Monday 12 April 2021 – Media Release
Canary Wharf Group Successfully Issues Multi-Tranche Debut Green Bonds
Canary Wharf Group Investment Holdings plc (“CWGIH” or the “Issuer”), the largest London-based REIT focusing on the sustainable development, management and ownership of an iconic collection of prime office and retail space and build-to-rent apartments in Canary Wharf, successfully issued £906.3 million (equivalent) in aggregate principal amount of Senior Secured Notes (the “Notes”), consisting of £350,000,000 2.625% Senior Secured Notes due 2025, £300,000,000 3.375% Senior Secured Notes due 2028 and €300,000,000 1.750% Senior Secured Notes due 2026 (the “Offering”) following strong demand from investors. The bonds achieved investment grade rating by both Moody’s and Fitch. The Notes have been issued as green bonds to support climate-related or environmental projects, as part of CWGIH’s long-term commitment to sustainability. The Issuer has already outlined its commitment to deliver net zero carbon by 2030. As part of this commitment, CWG launched its Net Zero Carbon Pathway, setting out tangible steps to improve energy efficiency and reduce emissions.
The inaugural Offering was met with strong demand from investors and the Issuer intends to allocate an amount equal to the net proceeds from the Offering to the financing and refinancing a green asset pool. The Issuer intends to use the proceeds from the Offering (i) to repay certain credit facilities; (ii) as cash and cash equivalents on balance sheet; and (iii) to pay fees and expenses in connection with the Offering. In connection with the Offering, the Issuer has also entered into a £30.0 million revolving credit facility (the “Revolving Credit Facility”).
Shobi Khan, CEO, Canary Wharf Group, said: “We are delighted by the robust level of support from the investment community for our first green bond issuance. The strong investor demand is testament to our business model of creating a 24/7 sustainable community where people live, work and play. The demand reflects investors recognition of CWG’s role as the largest sustainable developer in the UK and our commitment to be net zero carbon by 2030.”
Application will be made to list the Notes to the Official List of the International Stock Exchange.
Morgan Stanley acted as Global Coordinator, Sole Active Bookrunner and Green Structuring Agent. Barclays and Citigroup acted as Joint Bookrunners and NatWest Markets and Société Générale acted as Co-Managers.
For more information please contact:
Canary Wharf Group
T: 07779 888 075