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White & Case advises Sanofi on inaugural sustainability-linked bond indexed on access to medicines

Global law firm White & Case LLP has advised global healthcare company Sanofi on a dual-tranche bond issue that is listed on Euronext Paris and includes an inaugural sustainability-linked tranche indexed on access to medicines. 

The sustainability-linked bond tranche has a nominal value of €650 million due April 2029 and bears interest at an initial 1.250% fixed annual rate. The coupon amounts are linked to Sanofi's achievement of a sustainability performance target – providing at least 1.5 million patients in 40 of the world’s poorest countries with essential medicines for the treatment of non-communicable diseases between 2022 and 2026.

The second tranche comprises €850 million fixed rate notes due April 2025 and bearing interest at an annual rate of 0.875%.

The proceeds of the bond issue will be used for general corporate purposes.

To implement its corporate strategy and issue sustainable finance instruments, Sanofi has implemented a dedicated Sustainability-Linked Bond Framework that aligns with ICMA’s Sustainability-Linked Bond Principles (2020) and has received a Second Party Opinion from ISS ESG.

The White & Case team in Paris which advised on the transaction was led by partners Olga Fedosova and Séverin Robillard and partner of counsel Cenzi Gargaro and included associate Quentin Pipieri.

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