US fashion giant VF Corporation, has closed its €500 million (US$530m) green bond offering to boost its sustainability objectives.
The North Face, Timberland, Vans, Supreme, and other brands are among the business's portfolio. The company said an amount equating to the net proceeds from the transaction had been set aside to promote its Sustainability & Responsibility strategy and achieve its science-based aims (SBTs).
Following its debut in 2020, VF Corp has already issued two green bonds.
Jeannie Renné-Malone, VF Corp’s vice president of global sustainability, said that based on the success of their first green bond in 2020, this newest green bond issuance is another evidence of their strong commitment to projects that assist the wellbeing of people and the earth. By increasing their attention to and investment in circular and sustainable projects, they can use their size for good and meet their challenging SBTs. The huge interest in the offering, serves as an endorsement from the investing community for their sustainable objective.
According to VF Corp, its green bond framework establishes funding eligibility requirements in three areas: sustainable operations and supply chain; sustainable operations and products; and natural carbon sinks, such as investments in regenerative agriculture techniques and reforestation conservation projects.
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