HP Inc. has closed its inaugural sustainability notes issuance after raising the $US1 billion target in less than ten days. “HP has set an ambitious agenda to become the most sustainable and just company in the industry,” said HP’s Australian-born chief financial officer, Marie Myers.
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| (photo: HP Inc.) |
The sustainability notes are designed to "empower investors to join HP in tackling important economic, social and sustainability issues," the company said.
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| HP aims to become 'the most sustainable company in the industry': Marie Myers, CFO HP Inc. |
“Issuing our inaugural sustainability notes as well as our first-ever sustainability-linked loan significantly demonstrates our commitment to making a positive environmental and social impact,” said Myers, who was appointed HP's CFO in February 2021.
The offering follows a recent $5 billion, five-year credit facility structured as the company’s inaugural sustainability-linked loan (SLL), which closed on May 26, 2021.
Under the SLL, HP aims to achieve net zero greenhouse gas (GHG) emissions across the HP value chain by 2040 and doubling the number of Black and African American executives inside the company by 2025. The pricing of the SLL will increase or decrease based on whether HP reaches those targets, providing a financial incentive for the company to meet these goals.
As outlined in the HP Sustainable Bond Framework, the proceeds of the sustainability notes will be used to fund projects across seven green bond eligible project categories in addition to one social bond eligible project category, including:
renewable energy;
green buildings;
energy efficiency;
clean transportation;
pollution prevention and control;
eco-efficient and/or circular economy products, production technologies and processes; environmentally sustainable management of living natural resources and land use;
socioeconomic advancement and empowerment.
HP will publish a Sustainable Bond Report, beginning in 2022 until the full allocation of the net proceeds from the sale of any Sustainable Bonds.
More information is available here: https://investor.hp.com/governance/sustainability/
https://www.hp.com/au-en/home.html
