VF Corp closes second green bond to bolster sustainable initiatives
US fashion giant VF Corporation has announced the closing of a 500 million euro green bond offering to support its sustainability initiatives.
The company, whose portfolio includes Supreme, The North Face, Timberland, and Vans, said an amount equivalent to the net proceeds from the offering has been dedicated to advance its Sustainability & Responsibility strategy, and drive progress toward its science-based targets (SBTs).
It is the second green bond issued by VF Corp following its first back in 2020.
Jeannie Renné-Malone, VF Corp’s vice president of global sustainability, said in a statement: “Building on the success of our first green bond in 2020, this newest green bond offering is another example of our strong commitment to projects that support the betterment of people and the planet.
“Elevating our focus on, and investment in, circular and sustainability projects allows us to leverage our scale for good and achieve our ambitious SBTs.”
She added that the “overwhelming” interest in the offering “serves as an endorsement from the investor community for our sustainability agenda”.
VF Corp said its green bond framework defines funding eligibility criteria in three areas: sustainable products and materials; sustainable operations and supply chain; and natural carbon sinks, including reforestation conservation projects and investments in regenerative agriculture practices.