Waste management company Shanks is looking to raise €150 million (£106 million) from a green bond.
As a result, it will be the first UK company to issue a green bond in euros. It will issue the bond to retail customers in Belgium and Luxembourg.
A green bond is one which meets stringent criteria demonstrating that the funds will be used for environmentally beneficial purposes.
Shanks Group chief executive Peter Dilnot (pictured) said: “We are delighted to be launching our first green bonds to retail investors in Belgium and Luxembourg. The issue of these green bonds supports our vision as a leading waste-to-product company and our commitment to sustainability and responsible green investment. It is also our third retail bond to be issued in Belgium, where we have a long history as one of the leading waste-to-product companies and a proud record of helping Belgium meet its environmental goals.
“I am confident that this offer will appeal to retail investors, with the bonds supported by our unique business with a record of successful innovation in waste-to-product technologies.”
The bonds will carry a gross coupon of 3.65% payable annually for seven years from 16 June 2015 and will be used to finance Shanks’ investment programme in sustainable infrastructure and in part to repay the existing bond that matures in October.
Bonds are available in denominations of €1,000 and will be available for subscription between 28 May and 11 June.
