Slaughter and May is advising Unilever on its first issuance of a Green Sustainability Bond. The £250 million 2% Fixed Rate Notes due 19 December 2018 are issued by Unilever PLC and guaranteed by Unilever N.V. and Unilever United States, Inc.
Unilever’s Green Bond is the first issued in the UK market and the first by a company in the Fast-Moving Consumer Goods sector. The bond proceeds will be used to fund projects that satisfy a set of green eligibility criteria and deliver against Unilever’s Sustainable Living Plan targets of greenhouse gas emissions, water use and waste disposal.
Unilever has worked with DNV GL, an independent leading environmental consultancy, to develop a framework for the bond that provides clarity and transparency around the use of proceeds. It includes a set of clearly defined criteria on greenhouse gas emissions, water use and waste disposal for the projects and outlines a yearly reporting structure to provide traceability of the funds.