#Sustainability

2020-10-01

adidas successfully places its first sustainability bond

Today, adidas successfully placed its first sustainability bond as the company continues to execute on its ambitious long-term sustainability roadmap while at the same time further optimizing its capital structure and financing costs. The € 500 million bond has a term of 8 years and a coupon of 0.00%. It will be listed on the Luxembourg Stock Exchange and has denominations of € 100,000 each. The offering was more than five times oversubscribed.

“Following the first-time bond placements as an investment-grade-rated issuer earlier this month, today’s successful sustainability bond offering marks another milestone for our company,” said adidas CFO Harm Ohlmeyer. “The proceeds will help fund environmental as well as social initiatives at adidas as we are committed to keep building on our industry leadership in the area of sustainability.”

Proceeds from the offering will be used in accordance with adidas’ newly created sustainability bond framework. The framework has been validated by a second-party opinion from Sustainalytics, a leading independent provider of sustainability ratings, who confirmed that the framework is credible, impactful and aligned with established sustainability principles. Eligible sustainable projects cover investments into more sustainable materials and processes as well as projects that positively impact communities. More specifically, this includes purchases of recycled materials for sustainably sourced products, investments into renewable energy production and energy-efficient buildings as well as various initiatives to create lasting change for underrepresented communities. The full sustainability bond framework is available on adidas-group.com, where the company will also publish regular updates on the allocation of proceeds.

adidas has taken important steps toward optimizing its capital structure and financing costs in the recent past. In early August, the company received strong first-time investment-grade ratings by both S&P and Moody’s. While Standard & Poor’s rated adidas ‘A+’, Moody’s granted the company an ‘A2’ rating.

The outlook for both ratings is ‘stable’. In the beginning of September, adidas successfully placed two bonds in an amount of € 1 billion in total. The bonds of € 500 million each have maturities of four and 15 years and coupons of 0.00% and 0.625%, respectively.

In context of today’s sustainability bond issuance, the syndicated revolving loan facility under participation of KfW will be further reduced by € 500 million to € 2.1 billion. The company had secured the facility earlier this year to bridge the unprecedented situation caused by the global coronavirus pandemic.

J.P. Morgan acted as Sole Sustainability Structuring Agent and Global Coordinator, and, together with BNP Paribas and Commerzbank, as Joint Active Bookrunners for the offering.

“Production is a product”

From technical textiles and AI-driven robotics to the limitations of textile circularity: Professor Dr Thomas Gries looks back on more than two decades of development at ITA Aachen. In the interview, he explains why production technology remains a decisive success factor, discusses international collaborations and innovation ecosystems, and shares his views on the transformation of production landscapes and the challenges facing an increasingly regulated industry.

“We need to move away from the price trap and return to a value-driven mindset.”

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“Innovation, resilience and international experience remain the great strengths of the Swiss textile machinery industry”

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Updated supply chain taxonomy advances apparel alignment

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Indovinya advances sustainable solutions with agreement for the supply of renewable Oxygen from Air Liquide

Indovinya, the specialty chemicals and surfactants division of Indorama Ventures, has entered into an agreement with Air Liquide — a world leader in gases, technologies, and services for industry and healthcare — for the supply of renewable oxygen. The agreement represents a strategic advancement in Indovinya’s commitment to sustainability, as it increases the share of renewable raw materials in the production of ethylene oxide, one of its key products.

Rieter sees Barmag integration on track as orders and sales rise

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C&S strengthens its governance to support its evolution

C&S announces the appointment of Marco Lucietti to its Board of Directors. With extensive international experience across the textile and denim industries, Lucietti will work alongside CEO Federico Corneli, contributing to the company’s managerial development, organizational structure and long-term strategic direction.