NN Group prices its green debt offering of EUR 1 billion of subordinated notes
NN Group today announces that it is has priced EUR 1 billion of subordinated notes (the “Notes”). It is the second issuance under NN Group’s Sustainability Bond Framework, which was established in February 2022 with the aim to finance green and social projects.
The Notes have a maturity of 20.5 years and are first callable after 10.5 years, subject to redemption conditions. The coupon is fixed at 6.00% per annum until the first reset date on 3 November 2033 and will be floating thereafter. The Notes are expected to qualify as Tier 2 regulatory capital. The Notes are expected to be rated by Standard & Poor’s (BBB-) and Fitch (BBB+) and will be listed on Euronext Amsterdam (ISIN: XS2616652637).
An amount equivalent to the net proceeds from the issue of the Notes will be applied for financing and/or re-financing of specified green projects and/or activities in accordance with certain prescribed eligibility criteria as further described in NN Group N.V.’s Sustainability Bond Framework and for the repayment of some of the Group's existing indebtedness.
The Notes are issued under the EUR 7,500,000,000 Debt Issuance Programme of NN Group N.V. for which the base prospectus dated 9 June 2022 as supplemented on 19 August 2022 and 24 April 2023 (the “Base Prospectus”) is available on www.nn-group.com.