Deals
Darrois Villey Maillot Brochier advises Valeo on its €750 million sustainability-linked bond issuance
Paris, 1 December 2022
Darrois Villey Maillot Brochier has advised its client Valeo S.E on its new sustainability-linked bond issuance for a total amount of €750 million, with a 4.5-year maturity and a 5.375% coupon.
The Key Performance Indicator under the bonds is the intermediary reduction target of Valeo’s total carbon footprint to 37.95 million CO2eq tons in 2025. The coupon under the bonds will step up by 75bps if the target is not achieved.
The net proceeds of the bonds will be used for general corporate purposes of Valeo.
The bonds are admitted to trading on the regulated market of Euronext Paris.
Valeo was the first European player in the automotive sector to issue this type of bonds in 2021.
The Darrois Villey Maillot Brochier team was led by Laurent Gautier (partner) with Isabelle Touré-Farah in capital markets and Loïc Védie (partner) on tax aspects.
The bank syndicate, composed of Crédit Agricole CIB, CIC, Citibank, Mizuho, MUFG et Natixis, was advised by Clifford Chance.