Biotechnology company Benchmark Holdings PLC (AIM:BMK) said it successfully completed a new senior unsecured green bond issue of 750 million Norwegian kroner (NOK) (£64mln) due September 2025.
The AIM-listed company is seeking a debt listing on either the Nordic ABM, Frankfurt Stock Exchange, International Stock Exchange in Guernsey or the Cayman Islands Stock Exchange, before listing in Oslo within six months.
Net proceeds from the bond issue will be used to refinance Benchmark's outstanding senior secured bonds maturing in June 2023, and to finance green projects as described in the Green Bond Framework.
The company has also announced a 583 million NOK (£50mln) buyback of outstanding bonds.
The new issue has a coupon of three months Norwegian Interbank Offered Rate (NIBOR was 2.7% at time of writing) plus 6.5% per annum with quarterly interest payments.
Chief executive officer Trond Williksen commented: “We are pleased to have completed this new green bond issue, which enables us to refinance our main existing debt and allows the group to focus on commercial execution of its growth strategy, while also demonstrating our sustainability commitment."
DNB Markets acted as sole bookrunner for the bond issue.
AIM-listed BMK shares were up 5% to 41p as of September 16, 08:50 BST.