Clifford Chance

Clifford Chance advises the Joint Bookrunners on LafargeHolcim's successful offering of sustainability-linked bonds

Leading international law firm Clifford Chance has advised the joint bookrunners in connection with LafargeHolcim's offering of €850 million 0.5% sustainability-linked bonds due 2031. LafargeHolcim is the world’s global leader in building materials and solutions and provides innovative products for low carbon construction. This is the company's first sustainability-linked bond and the first bond of its kind in the building materials industry. The bonds were issued in line with the International Capital Markets Association’s (ICMA) Sustainability-Linked Bond Principles. Bond investors will be entitled to a higher coupon should the company not meet its objective, incentivising LafargeHolcim to reach its target of 475 kg net CO2 per ton of cementitious material by 2030.

Clifford Chance has also recently been appointed to ICMA's Advisory Council of the Green Bond Principles and Social Bond Principles Executive Committee and, this month, launched its ESG taskforce which will focus on helping organisations to navigate and bring about the accelerating global shift towards more sustainable businesses and societies.

The Clifford Chance team, based in London, was led by partner David Dunnigan supported by senior associate Peter Pears and trainee Saskia Mondon-Ballantyne. Peter said: "Sustainability-linked bonds are set to become an increasingly important tool for issuers looking to integrate sustainability into their financing strategy – this transaction is a key milestone in the development of the SLB market and we were delighted to be involved."