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Korian Medica EU:KORI Euronext Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.24 1.24% 19.57 19.40 19.70 19.89 19.29 19.40 100,134 16:40:00

Korian Announces the Successful Issuance of Its 7-Year €300m Inaugural Social Bond

11/10/2021 7:01pm

Business Wire


Korian Medica (EU:KORI)
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  • €300m 7-year public social bond with a 2.250% fixed coupon
  • Proceeds will finance the Group’s growth through Eligible Social Projects in line with its Social Financing Framework
  • A new step in the Group’s ambitious ESG strategy

Regulatory News:

Korian (Paris:KORI) the leading European care services group for elderly and fragile people, successfully priced a social bond for a total nominal amount of €300m with a maturity of 7 years and a fixed coupon of 2.250%.

This inaugural transaction marks Korian’s successful entry on the euro public bond market, with a strong quality and well-diversified orderbook coming from over 70 institutional investors.

After the successes of its €230m sustainability-linked private placement launched in 2020 and its £200m hybrid green bond priced earlier this year, this inaugural social bond is another testimony of the Group’s ambitious ESG strategy and of investors' confidence in Korian’s credit profile.

The proceeds of the transaction will finance or refinance, in whole or in part, new or existing Eligible Social Projects as defined in the Issuer’s framework document (the “Social Financing Framework”). The projects financed will be across the Group’s segments of activity in aim to address the growing needs for high quality care in Europe: long-term care, healthcare (including mental health) and community care including home care such as Petits-fils.

The Social Financing Framework was implemented in line with the Social Bond Principles defined by the International Capital Market Association and was reviewed by an independent expert. The Social Financing Framework as well as the independent assessment performed by Standard & Poor’s are available on Korian’s website: https://www.korian.com/en/sustainable-finance.

The settlement is scheduled to occur on October 15th 2021, on which date the bonds will be admitted to trading on the Global Exchange Market of Euronext Dublin.

Philippe Garin, Chief Financial Officer of the Korian group, commented: “The issuance of our inaugural social bond is another milestone in our ESG commitments which are at the heart of the growth strategy of the Group. This operation secures favourable rates over the long term and diversifies the Group’s sources of financing. Its success among investors is a recognition of the strength of our balance sheet and overall our prudent financial strategy.”

The issue was carried out with Bank of America, BNP Paribas and Société Générale as Global Coordinators and CA CIB, CIC, HSBC and ING as Active Bookrunners. Bank of America and Société Générale were acting as Joint Social Bond Structuring Advisors on the transaction. Korian was advised by the law firm White & Case. The Global Coordinators and Active Bookrunners were advised by the law firm Gide Loyrette Nouel.

About Korian

Korian, the leading European Care Services Group for elderly and fragile people. www.korian.com

Korian has been listed on Euronext Paris (Compartment A) since November 2006 and is included in the following indices: SBF 120, CAC Health Care, CAC Mid 60, CAC Mid & Small and MSCI Global Small Cap

Euronext Ticker: KORI – ISIN: FR0010386334 – Reuters: KORI.PA – Bloomberg: KORI.FP

CONTACTS INVESTORS

Sarah Mingham VP Investor Relations and Financing sarah.mingham@korian.com Tél. : +33 (0)1 55 37 53 55

Carole Alexandre Deputy Head of Investor Relations carole.alexandre@korian.com Tél. : +33 (0)7 64 65 22 44

CONTACTS MEDIA

Jean-Marc Plantade VP Press Relations jean-marc.plantade@korian.fr Tél. : +33 (0)7 62 90 32 58

Cyrille Lachèvre Deputy Head of Press relations cyrille.lachevre@korian.fr Tél. : +33 (0)7 61 53 54 86

Marjorie Castoriadis Media Relations Manager marjorie.castoriadis@korian.fr Tél. : +33 (0)7 63 59 88 81

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