On October 26th, 2022, TOMRA Systems ASA, rated A-/stable by Scope Ratings, has successfully issued a total of NOK 1 billion in new senior unsecured green bonds split between two tenors: 3Y FRN, NOK 500 million with coupon 3 months NIBOR + 1.42% p.a.; 5Y FRN, NOK 500 million with coupon 3 months NIBOR + 1.67% p.a.
Books were substantially oversubscribed.
Environmentally sustainable bonds are one of the main instruments for financing sustainable growth and the transition to a climate-neutral, resource-efficient economy.
Under the green bond framework, TOMRA seeks to finance or refinance manufacturing, installation, maintenance, and operation of reverse vending machines (RVMs), waste sorting machine manufacturing, post-consumer materials collection and recycling facilities, research and development, software improvements, advocacy to build support for deposit return systems, on-site renewable energy, lower emissions vehicles, and sustainable materials for machine components.
“TOMRA is committed to enabling better use of resources and a more sustainable planet for generations to come. We aim to increase our positive impact going forward, and our Green Bonds are a key tool in supporting our strategy of sustainable growth,” says Eva Sagemo, TOMRA Group CFO.
TOMRA's new green bond framework has obtained a "Dark Green" shading and governance score "Good" from Cicero Shades of Green. Dark Green is allocated to projects and solutions that correspond to the long-term vision of a low-carbon and climate resilient future.
A few highlights from Cicero Shades of Green Second Party Opinion are listed below:
- “TOMRA’s RVMs and waste sorting machines are well-aligned with circular economy solutions and a low-carbon future”
- “By improving material recovery for recycling and reuse, TOMRA’s RVMs and waste sorting machines are an important contribution to the climate transition, a more circular economy, and improved waste management.”
- “RVM solutions have the potential to limit climate emissions, local pollution, and harmful biodiversity impacts.”
- “The overall assessment of TOMRA’s governance structure and processes gives it a rating of Good.”
- “TOMRA has significantly strengthened its sustainability strategies.“
The Green Bond Framework, Cicero Shades of Green Second Opinion, and Terms are available on the TOMRA website here.