Compagnie de Saint-Gobain’s €1.5 Billion Offering

August 10, 2022

Cleary Gottlieb represented Société Générale, as sole structuring advisor and global coordinator, and the global coordinators and joint active bookrunners, and acted as deal counsel in connection with Compagnie de Saint-Gobain’s €1.5 billion offering, including its €500 million inaugural offering of sustainability-linked bonds.

Compagnie de Saint-Gobain will use the net proceeds of the offering for general corporate purposes. The sustainability-linked bonds, which bear a fixed rate of 2.625% and will mature on August 10, 2032, have been admitted to trading on Euronext Paris.

The offering also consisted of the issuance of a €500 million bonds offering with a three-year maturity and a 1.625% coupon, and the issuance of a €500 million bonds offering with a six-year maturity and a 2.125% coupon.

In line with the sustainability-linked bond principles administered by ICMA and with the sustainability-linked financing framework published by Compagnie de Saint-Gobain in July 2022, if Compagnie de Saint-Gobain does not meet the objectives set for the key performance indicators under the conditions described in the terms and conditions of the bonds, the interest rate of the sustainability-linked bonds will be increased by 0.375% or 0.75% following the sustainability performance target date in 2030.

The offering launched on August 1, 2022, priced on August 2, 2022, and closed on August 10, 2022.

Compagnie de Saint-Gobain is leading player in the design, manufacturing, and distribution of materials and services for the construction and industrial markets, and specializes in light and sustainable construction.