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University College London ("UCL") today announces that it has priced the issue of £300 million 1.625% Sustainability Bonds due 2061 (the "Bonds").
The Bonds are expected to be assigned a rating of Aa3 (stable outlook) by Moody’s, and to be formally issued on 4 June 2021. The bonds were priced at a spread of 0.50% over the relevant reference gilt.
UCL will allocate an amount equivalent to the net proceeds of the Bonds to the acquisition, financing or refinancing, in whole or in part, of new or existing eligible sustainable projects, as set out in UCL’s Sustainable Financing Framework which is published on its website.
Dr Michael Spence, UCL President & Provost, said: "We are delighted by the success of this issue and by investors’ faith in our history, confidence in our present and support for our future. I am particularly proud that this is the UK higher education sector’s first Sustainability Bond. It demonstrates UCL’s deep commitment to sustainability and to addressing the global impact of climate change."
Barclays, HSBC and NatWest Markets acted as Joint Bookrunners and KPMG LLP provided independent debt and credit ratings advice to UCL. Pinsent Masons LLP, Clifford Chance LLP and Linklaters LLP provided legal advice.
Any investment decision made in connection with the Bond issue MUST be based solely on the information contained in the final Listing Particulars relating to the Bonds.
Kirsty Walker, UCL Media Relations. T: +44 (0)20 3108 6086 /+44 (0)7768 446167 E: firstname.lastname@example.org
Disclaimer - Intended Addressees
Relevant stabilisation regulations including FCA/ICMA apply.
This publication does not constitute an offering of securities for sale in the United States and is not for distribution in or into the United States.
The Bonds have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act "), or any relevant securities laws of any state of the United States and, subject to certain exceptions, the Bonds may not be offered, sold or delivered in the United States or to, or for the account or benefit of, U.S. persons, as such terms are defined in Regulation S under the Securities Act. No public offering of the Bonds is being or will be made in the United States of America or any other jurisdiction.
Bonds in bearer form are subject to U.S. tax law requirements and may not be offered, sold or delivered within the United States or its possessions or to a U.S. Person, except in certain transactions permitted by U.S. tax regulations. Terms used in the preceding sentence have the meanings given to them by the U.S. Internal Revenue Code and regulations thereunder. There will be no public offering of the Bonds in the United States. Please note that the information contained in this announcement may be addressed to and/or targeted at persons who are residents of particular countries only and is not intended for use and should not be relied upon by any person outside these countries.
This communication is being distributed to, and is directed only at, persons in the United Kingdom in circumstances where section 21(1) of the Financial Services and Markets Act 2000 does not apply.
A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning rating organisation.