EBRD invests US$ 90 million in Coca-Cola Icecek A.S.’s sustainability-linked Eurobond

By Olga Rosca
@olgarosca

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As part of its sustainability-linked issuance, Coca-Cola Icecek will have a key performance indicator tied to a 13 per cent increase in water efficiency by 2027 from a baseline of 2020.

  • EBRD invests US$ 90 million in new Coca-Cola Icecek A.S. sustainability-linked Eurobond
  • Bond proceeds to refinance debt, support capex and meet working-capital needs
  • Coca-Cola Icecek is a long-standing EBRD client

In a move to help improve access to debt capital markets by Turkish companies, the European Bank for Reconstruction and Development (EBRD) is investing US$ 90 million (18%) in a US$ 500 million sustainability-linked Eurobond issued by Turkey’s Coca-Cola Icecek A.S..

An EBRD partner since 2008, Coca-Cola Icecek is one of the largest independent bottlers in the Coca-Cola system, operating in Turkey, Central Asia, Pakistan and the Middle East, and listed on the Istanbul Stock Exchange.

The proceeds from the bond issuance will be used to refinance the company’s debt, support capex investments and meet working capital needs.

As part of its sustainability-linked issuance, Coca-Cola Icecek will have a key performance indicator tied to a 13 per cent increase in water efficiency by 2027 from a baseline of 2020. The company has further ambitions in water and energy efficiency usage reduction, and has committed to reporting and externally verifying its performance on an annual basis.

The EBRD will further support Coca-Cola Icecek in improving policies and practices to foster gender equality in recruitment, career progression and training.

The EBRD is a leading institutional investor in Turkey and has invested more than €15 billion in 367 projects in the country since 2009. Sustainability is at the heart its investment and policy engagement.

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