VF Corporation Closes Inaugural €500 Million Green Bond to Support Key Sustainability Initiatives
February 27 2020 - 5:55AM
Business Wire
Offering Represents First Green Bond Issued by
an Apparel, Footwear Company
VF Corporation (NYSE: VFC), one of the world’s largest apparel,
footwear and accessories companies, announced the closing of its
€500 million green bond offering, representing the first green bond
issued in the apparel and footwear industry. The amount equivalent
to the net proceeds from the offering will be used to advance
programs within the company’s Made for Change Sustainability &
Responsibility strategy and drive progress toward achievement of
its recently announced science-based targets (SBTs) and sustainable
materials vision.
“At VF, we believe that delivering on our commitments to
environmental and social responsibility is equally important as
meeting our financial commitments to shareholders,” said Steve
Rendle, VF’s Chairman, President and CEO. “The overwhelming
interest in our green bond serves as an endorsement from the
business community for our purpose-led agenda and focus on
connecting business success with actions that improve lives and our
planet.”
The transaction garnered demand from a diverse group of
investors around the world. VF will use the green bond net proceeds
(equivalent amount) to support projects that align with key United
Nations’ Sustainable Development Goals. Specifically, VF’s green
bond framework defines funding eligibility criteria in three
areas:
- Sustainable Products & Materials, such as those that
support VF’s commitment to source 100 percent of its top nine
materials from regenerative, recyclable or renewable sources by
2030;
- Sustainable Operations & Supply Chain, such as
renewable energy installations, and zero waste distribution
centers;
- Natural Carbon Sinks, including reforestation
conservation projects, and investments in regenerative agriculture
practices.
“Our inaugural green bond is an important step in advancing our
sustainability journey and our business purpose of supporting
projects for the betterment of people and the planet," said Jeannie
Renné-Malone, VF’s Vice President of Global Sustainability.
“Elevating our focus on, and investment in, circular and
sustainability projects allows us to leverage our scale for good
and achieve our ambitious SBTs.”
Complete details on the allocation of net proceeds can be found
in VF’s Green Bond Framework located on the Green Bond section of
the company’s website.
About VF Corporation
Founded in 1899, VF Corporation is one of the world’s largest
apparel, footwear and accessories companies connecting people to
the lifestyles, activities and experiences they cherish most
through a family of iconic outdoor, active and workwear brands
including Vans®, The North Face®, Timberland® and Dickies®. Our
purpose is to power movements of sustainable and active lifestyles
for the betterment of people and our planet. We connect this
purpose with a relentless drive to succeed to create value for all
stakeholders and use our company as a force for good. For more
information, please visit vfc.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200227005120/en/
Media Contact: Molly Cuffe Director, Corporate
Responsibility Communications Molly_Cuffe@vfc.com Investor
Relations: Joe Alkire Vice President, Corporate Development,
Investor Relations and Treasury Joe_Alkire@vfc.com
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