Starbucks Issues New Sustainability Bond
May 13 2019 - 1:19PM
Dow Jones News
By Stephen Nakrosis
Starbucks Corp. (SBUX) on Monday said it issued its third, and
largest, sustainability bond, which will help "support the
company's ethical coffee sourcing and its Greener Retail
initiative."
The $1 billion, 30-year sustainability bond is part of a larger
bond offering of $2 billion, the Seattle-based company said.
Starbucks said it partnered responsAbility, a lending
organization, on a $20 million equity investment to provide
financing in Latin America, Africa and Asia. The organization will
loan money to coffee producers to help replace old, less productive
trees with new trees, buy equipment and improve crop quality and
productivity.
Starbucks said its Greener Retail program includes the Greener
Stores initiative, under which the company intends to design, build
and operate 10,000 Greener Stores globally by 2025.
The Sustainability Bond "attracted significant investor interest
and was oversubscribed," said Patrick Grismer, chief financial
officer of Starbucks.
He added "By issuing a Sustainability Bond, we're providing
investors an opportunity to participate in our sustainability
efforts, and our hope is that this inspires others to pursue more
sustainability-related investing opportunities."
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
May 13, 2019 13:04 ET (17:04 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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