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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Starbucks Corporation | NASDAQ:SBUX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.51 | -2.02% | 73.42 | 72.89 | 74.52 | 75.51 | 72.985 | 75.27 | 22,153,875 | 05:00:08 |
By Maria Armental
Starbucks Corp. said it plans to raise $500 million to pay for so-called sustainable projects, including support programs for farmers in coffee-growing regions.
The Seattle-based coffee chain said it would sell 10-year bonds to go toward those projects, underscoring the greater focus on environmental and social issues in corporate business practices.
"Sustainability is not just an add-on, but an integral part of Starbucks, including our strategy and finances," Chief Financial Officer Scott Maw said in a news release. Starbucks said it would update every year how the money is being used.
The company already operates an agronomy center in a Costa Rica farm along with a network of eight farmer support centers around the world, and it had committed to invest $50 million in short- and long-term loans to farmers.
Research firm Sustainalytics, which focuses on sustainability ratings, gave the second opinion for 'sustainability bond,' Starbucks said in a news release.
The company's stock closed down 0.5% Monday at $55.53, but it has risen 9.3% over the past 12 months.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
May 16, 2016 17:57 ET (21:57 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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