PostNL priced €300 million Sustainability-Linked Notes due June 2031

The Hague, the Netherlands, 5 June 2024 – Today, PostNL successfully priced €300 million sustainability-linked notes with a term of seven years maturing on 12 June 2031. The transaction highlights the company’s commitment to sustainability and accelerates its transition to a truly sustainable e-commerce logistics provider.

PostNL has recently published its Sustainability-Linked Financing Framework (‘the Framework’) and the second party opinion provided by Sustainalytics (please refer to https://www.postnl.nl/en/about-postnl/investors/bonds/). The notes are issued in accordance with this Framework. The net proceeds will be used for general corporate purposes.

The three key performance indicators (KPIs) in the Framework are closely related to PostNL’s environmental, social and governance (ESG) strategy. PostNL is committed to reduce its absolute scope 1 and 2 GHG emissions by over 90% and its absolute scope 3 GHG emissions by 45% by 2030 from a 2021 base year. Alongside this, PostNL aims to increase its share of females in senior management positions to 36% in 2030.

Pim Berendsen, CFO of PostNL, said: ”I am proud that we successfully offered our first sustainability-linked bond today. This transaction marks a next step in aligning our funding strategy with our ESG objectives and supports the execution of our emission-free delivery ambitions and our focus on diversity.”

The notes will be issued on 12 June 2024, at a price of 99.557 and with a coupon of 4.75 per cent per annum. The notes are expected to be rated BBB by S&P Global. The transaction was oversubscribed and placed with a broad range of European institutional investors.

The interest rate is linked to the KPIs that are described in the Framework. In case PostNL fails to achieve one or more of these targets by 2030, a single 100 bps coupon step-up, payable on the final interest payment date will be applicable.

Application has been made for the notes to be listed on Euronext Amsterdam and the prospectus will be made available on PostNL’s website. 

PostNL mandated BNP Paribas, BofA and ING as joint lead managers for the transaction. Furthermore, BofA acted also as sustainability advisor to PostNL.

Cautionary notice

This communication does not constitute an offer to purchase, or the solicitation of an offer to purchase, notes and is not for release, publication or distribution, in whole or in part, in or into or from the United States, United Kingdom or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.

The notes have not been and will not be registered under the Securities Act or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.