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White & Case Advises on Jab Holdings B.V.’s US$500 Million Inaugural Sustainability-Linked Notes Issuance

Global law firm White & Case LLP has advised BNP Paribas Securities Corp., BofA Securities, Inc., Citigroup Global Markets Inc., Crédit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC, Santander Investment Securities Inc., and the other initial purchasers, on the Rule 144A/Regulation S issuance by JAB Holdings B.V. of US$500 million in aggregate principal amount of its 4.500% sustainability-linked senior notes due 2052.

The offering marks JAB Holding Company's debut in sustainability-linked financing. The coupon of the notes is linked to three sustainability performance targets: (i) achieving a specified percentage reduction of absolute Scope 1 and Scope 2 greenhouse gas emissions by JAB Holding Company and its consolidated subsidiaries (the "Group") by December 31, 2030; (ii) having at least 95% of the Group’s investment portfolio companies (by invested capital at fair value) set SBTi-approved greenhouse gas emissions reduction targets by December 31, 2030; and (iii) achieving at least 30% representation of biological or self-identified women in non-executive board of directors positions at 100% of the Group’s portfolio companies by December 31, 2025.

The notes are guaranteed by JAB Holding Company, an investor in consumer-focused industries, including Keurig Dr Pepper, JDE Peet’s, NVA, Independence Pet Group, Krispy Kreme Doughnut, Panera Brands, Pret A Manger, Espresso House, Coty Inc. and Bally.

The White & Case Capital Markets team was led by partner Andrew Weisberg (New York) and included associates Abigail Simon, Jake Lee (both in New York), Melissa Olivo (Miami) and Yves Bramwell (Houston). They were supported by partner Chad McCormick (Houston) and associate Grayson Weeks (New York); associate Eline Souffriau (London); partner Hadrien Servais, local partner Christophe Goossens, counsel Willem Van de Wiele and associate Antoine Cleret de Langavant (all in Brussels). The team was assisted by law clerks Shirley Zhang (New York) and Novie Onor (Paris). 

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