Global law firm White & Case LLP has advised Hamburg-based transport and logistics company Hapag-Lloyd AG (Hapag-Lloyd) on the issuance of a sustainability-linked high yield bond with a volume of €300 million.
The bond has a seven-year term and a coupon of 2.50% and is linked to a clearly defined sustainability target: By 2030, the CO2 intensity of Hapag-Lloyd's fleet is to be reduced by 60 percent compared with the International Maritime Organization (IMO) reference year 2008. The proceeds of the bond are being used for the early redemption of the existing high yield bond maturing in 2024 and it will be listed on the Luxembourg Stock Exchange.
The White & Case team which advised on the transaction was led by partner Rebecca Emory and included partners Gernot Wagner, Karsten Wöckener, Lutz Krämer, Sebastien Seele, Bodo Bender, Vanessa Schürmann (all Frankfurt) and Norbert Wimmer (Berlin), with support from local partners Daniel Rogits, Peter Becker (both Frankfurt) and Lars Petersen (Berlin), counsel Alexander Born (Frankfurt) and associates Julia Szinovatz and Lukas Hackmann (both Frankfurt).
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