Great interest from the capital markets as Kährs issues bond linked to the Group’s sustainability work
Kährs Group has successfully issued a five-year senior secured sustainability-linked bond with an initial amount of SEK 1,450 million. The sustainability-linked bond is an important milestone for the Group, confirming its long commitment to sustainability and ambitious targets going forward. With strong interest from both Nordic and European investors, the bond was significantly oversubscribed.
“We are pleased to see the positive response from investors and support from existing lenders, recognizing Kährs’ long-standing commitment to sustainability matters. At the same time, the bond is a clear and transparent representation of our “Planet Positive Journey” which will enable us to continue being the leader in the sustainable development of the flooring industry. The new financial structure will provide us with greater financial flexibility to invest in the next level of sustainable innovations and to continue our successful expansion outside the Nordic region,” says Johan Magnusson, President and CEO of Kährs Group.
Kährs has linked the bond to the outcome of three defined sustainability goals that are aligned with the group’s ambitious sustainability strategy:
- Reduce climate emissions from Scope 1 and Scope 2 by 40% by 2025
- Define Science-based CO2 emission reduction targets and achieve validation by SBTi by 2023
- Increase percentage of sustainably sourced wood to 87% by 2025
The Governance Group has carried out an independent review of the sustainability framework and awarded Kährs with the highest possible rating: A-rating. The framework can be downloaded here.
The bond will be listed on Frankfurt Open Market and Nasdaq Stockholm.
DNB Markets, a part of DNB Bank ASA, Nordea Bank Abp, and Pareto Securities AS acted as Joint Bookrunners in the transaction. DNB Markets, a part of DNB Bank ASA and Pareto Securities AS acted as Sustainability Coordinators.
For further information, please contact:
Johan Magnusson
President & Chief Executive Officer, Kährs
+46 705 40 13 96
johan.magnusson@kahrs.com
Charlotta Persfell
Chief Marketing & Digital Officer, Kährs
+46 730 77 35 31
charlotta.persfell@kahrs.com
Helén Johansson
Communication, Kährs
+46 703 64 60 30
helen.johansson@kahrs.se
About Kährs
Kährs is a leading manufacturer and distributor of flooring with the aim of providing customer experiences beyond expectations. Kährs’ innovations have shaped the industry throughout its history and the company is dedicated to offering flooring solutions for every room, environment and need. The company delivers sustainable and durable flooring solutions to more than 70 countries, being a market leader in hardwood flooring in Sweden, Finland and Russia, and having strong positions in other key markets, such as Norway, the UK, US, Germany, and Switzerland. The Group has approximately 1,500 employees and annual sales of more than SEK 3.2 billion. kahrsgroup.com
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