Incitec Pivot
Sustainable finance eyes ambition and amplification
Discussions at the KangaNews Sustainable Debt Summit 2021 virtual event in June suggest market engagement with environmental, social and governance issues continues to deepen. Norms in sustainability-linked instruments are quickly solidifying while developments in accounting, disclosure and stakeholder engagement are also contributing to momentum.
IPL and G8 SLLs show sustainable-funding support for social and hard-to-abate outcomes
Incitec Pivot has completed a sustainability-linked loan (SLL) facility, a development the borrower and its sustainability structurer say demonstrates how this type of financing can be relevant even for companies in hard-to-abate sectors. In a further development for the Australian SLL market, G8 Education also recently signed a new facility with KPIs primarily linked to social outcomes.
Incitec Pivot and Dyno Nobel announce cash tender offer
On 10 November, Incitec Pivot and its subsidiary, Dyno Nobel, announced a tender offer to buy back A$200 million (US$145.6 million) in aggregate of the former’s A$450 million outstanding March 2026 maturity and the latter’s US$400 million outstanding August 2027 line.
Market maturity brings Incitec Pivot back to domestic issuance
Incitec Pivot priced its first Australian dollar deal in more than five years on 8 March. The issuer cites the increased availability of seven-year debt as a key factor in its return while deal sources say the rarity of the credit led to significant demand for the transaction.
Incitec Pivot launches new seven-year domestic deal
On 7 March, Incitec Pivot (BBB/Baa2) launched a new, seven-year, Australian dollar denominated benchmark domestic transaction. The forthcoming deal has indicative price guidance of 245-250 basis points area over semi-quarterly swap. Pricing is expected on 8 March, according to joint lead managers ANZ and Commonwealth Bank of Australia.