
Displaying items by tag: Financing
Titan Group to launch sustainability-linked financing framework
12 September 2024Greece: Titan Group has launched a sustainability-linked financing framework, aligning its financial strategy with its greenhouse gas emission reduction targets validated by the Science Based Targets initiative. This framework supports the company's sustainable growth ambitions under its Green Growth Strategy 2026. Future notes will fund general corporate purposes, including sustainable projects and decarbonisation efforts towards Titan’s transition to net-zero emissions.
Chief sustainability and innovation officer Leonidas Canellopoulos said “Transforming the building materials industry towards a more sustainable, net-zero future requires significant investments, with sustainable finance playing a crucial role in this transformation. The framework will enable Titan to attract a broader range of investors, including those focused on sustainable investments and ESG portfolios. Our financial and sustainability strategies are now aligned under a solid framework, further strengthening our stakeholders’ confidence and trust.”
Mexico: Cemex has joined the United Nations (UN) Global Compact’s Chief CFO Taskforce for the Sustainable Development Goals. The taskforce engages global chief finance officers (CFOs) in integrating the UN’s 10 sustainable development goals (SDG) into strategy, financing and investor relations in order to create a broad sustainable finance market. Its aims include providing the global development community with a modern view of how capital markets can contribute to financing the SDGs at scale, developing innovative financial instruments and contributing to a broad market of diversified investment opportunities, supporting companies in securing financial capital to transform their business and production models, connecting companies’ SDG investments with increasingly impact-orientated investors, developing internal tools and resources to embed sustainability in corporate finance, promoting partnerships between chief executive officers and CFOs and helping to translate sustainability strategies into financial language for investors and rating agencies.
Cemex’s CFO Maher Al-Haffar said “Climate change is perhaps the biggest challenge of our times, affecting lives and disrupting economies. Only by aligning our financial and climate action strategies will we be able to overcome this challenge.” He added “At Cemex, we share the beliefs embodied in the CFO principles and are honoured to join the UN Global Compact CFO Taskforce for the SDGs, through which we will actively contribute to the innovation of corporate finance that will enable the building of a more resilient future for all.”
Ras Al Khaimah Cement backpedals on plant and quarry acquisition
11 September 2019UAE: Failure of financing has put a stop to Ras Al Khaimah’s intended purchase of an 0.6Mt/yr integrated white cement plant in Fujairah and its associated quarry. Reuters has reported that the estimated US$123m deal will not be going ahead.
HeidelbergCement issues Euro625m of debt certificates
15 January 2016Germany: HeidelbergCement has successfully issued debt certificates in the amount of Euro625m, further strengthening its financing structure. Due to high demand, it was possible to significantly increase the issue volume from Euro400m to Euro625m.
The newly-issued debt certificates, with a maturity date of 20 January 2022, consist of two tranches; one tranche with a floating rate and the other with a fixed rate. The fixed rate tranche yields at 1.85%/yr and the floating tranche at 1.5%/yr over six months Euribor.
The proceeds will be utilised to pre-fund the upcoming Italcementi acquisition and thereby reduce the volume of the bridge financing from Euro3.3bn to Euro2.7bn. The refinancing needs in the bond market decline to below Euro2bn, correspondingly.
Issuance of the debt certificates was secured with the assistance of Landesbank Baden-Württemberg, Landesbank Hessen-Thüringen and Raiffeisen Bank International.
As previously reported, the bridge financing should be refinanced by free cash flow, the sale of production sites and the issuance of bonds. The reduction in the volume of bridge financing thus also reduces the need for refinancing in the bond market by the same amount.