Latest news with #GreenFinanceFramework
ME Construction
6 days ago
- Business
- ME Construction
EMSTEEL receives a provisional ESG rating of ‘AA' from MSCI
Sustainability EMSTEEL receives a provisional ESG rating of 'AA' from MSCI By The rating is a significant milestone and follows the announcement of EMSTEEL's Green Finance Framework in May 2025 EMSTEEL said it has received a provisional ESG rating of 'AA' from MSCI, said to be one of the highest among steel players globally. This recognition underscores EMSTEEL's performance in Environmental, Social, and Governance (ESG) issues, making it one of the few global steel and building materials manufacturers that excel in this regard, the firm said. MSCI's evaluation reinforces EMSTEEL's position as the industry player in managing key ESG risks and opportunities. The evaluation particularly highlights the group's innovative responsible practices in managing its environmental impact, which have led to significant reductions in carbon emissions. Additionally, EMSTEEL's well-being, health, and safety practices for its workforce have been enhanced, with almost all categories surpassing the global average, said a statement. MSCI ESG Ratings evaluates over 9,000 companies worldwide, assessing their exposure to industry-related material ESG risks and their management compared to their peers. The ratings range from leader (AAA, AA) to laggard (B, CCC), with the average rating being A, BBB, or BB. The score is said to reaffirm MSCI's global leadership in ESG ratings. Saeed Ghumran Al Remeithi, Group CEO of EMSTEEL said, 'Our inaugural 'AA' ESG rating by MSCI is a powerful testament to EMSTEEL's commitment to sustainable industrial leadership. It reflects the strength of our governance, the resilience of our people, and our deep-rooted responsibility to the environment and communities we serve. As we align with the UAE's Net Zero 2050 vision, this recognition strengthens our resolve to lead by example, delivering lasting value to our shareholders, society, and future generations.' The rating is a significant milestone and follows the announcement of EMSTEEL's Green Finance Framework in May 2025. The development of this framework was supported by key partners, including ING as the lead sustainability structuring bank and First Abu Dhabi Bank (FAB) as the sustainability structuring bank. ING also served as the ESG Rating Advisor for the MSCI ESG rating. The framework is said to be a cornerstone of EMSTEEL's broader ESG strategy. EMSTEEL's decarbonisation strategy is said to be driving industrial sustainability. The group aims to reduce emissions by 40% in its Steel Business Unit and 30% in its Cement Business Unit by 2030, using 2019 as the baseline year. This commitment is unwavering, and EMSTEEL is firmly committed to achieving Net Zero emissions by 2050. Key initiatives include enhancing energy efficiency, integrating renewable energy, and advancing green hydrogen innovation. These initiatives are all in alignment with the UAE's Net Zero 2050 agenda, the firm said. In 2023, EMSTEEL reported total Scope 1 and 2 emissions of 4.5m tonnes of CO₂, representing a 23% reduction from the 2019 baseline. This achievement earned the group global recognition for its sustainability leadership. EMSTEEL's efforts in decarbonising steel production were recognised by the World Steel Association, which named them the 2024 Steel Sustainability Champion. The World Economic Forum also recognised EMSTEEL's contributions to decarbonising the iron and steel industry, placing them among the top five steel companies worldwide that have received this recognition. In September 2024, EMSTEEL was appointed as Co-Chair of the Alliance for Industry Decarbonization (AFID), led by the International Renewable Energy Agency (IRENA), the statement concluded.
Yahoo
23-06-2025
- Business
- Yahoo
Primaris REIT Announces Successful $200 Million Unsecured Green Debenture Offering
TORONTO, June 23, 2025 /CNW/ - Primaris Real Estate Investment Trust ("Primaris" or the "Trust") (TSX: announced today that it has priced a private placement (the "Offering") of $200 million aggregate principal amount of senior unsecured debentures (the "Debentures") maturing June 25, 2033. The Debentures are being offered in each of the provinces of Canada by a syndicate of agents led by Desjardins Capital Markets, CIBC Capital Markets and Scotia Capital Inc. which includes TD Securities Inc., RBC Dominion Securities Inc., National Bank Financial Inc., BMO Capital Markets, Canaccord Genuity Corp. and Raymond James Ltd. The Debentures will be issued at a price of $1,000 per $1,000 principal amount and bear interest at a fixed annual rate of 4.835% per annum, payable in equal semi-annual instalments in arrears on June 25 and December 25 in each year, commencing on December 25, 2025 until maturity, unless redeemed at an earlier date. Inclusive of bond forward hedges, the Trust's all-in interest rate will be approximately 4.924% per annum. The Debentures will be direct senior unsecured obligations of the Trust and will rank equally and rateably with all other unsecured and unsubordinated indebtedness of the Trust, except to the extent prescribed by law. The Debentures have been assigned a provisional rating by DBRS of BBB (high). Primaris intends to use the net proceeds from the Offering to fund the financing of eligible green projects ("Eligible Green Projects") as described in the Trust's June 2025 Green Finance Framework. Prior to allocation of the net proceeds of the Offering to Eligible Green Projects, the net proceeds may be initially used for repayment of short-term debt, credit facilities, or held in cash or cash equivalents. The closing of the Offering is expected to take place on or about June 25, 2025. The Debentures have not been, and will not be, registered under the United States Securities Act of 1933, as amended, (the "U.S. Securities Act") or any state securities law and may not be offered or sold in the United States and, accordingly, may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, U.S. Persons except pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful. About Primaris Primaris is Canada's only enclosed shopping centre focused REIT, with ownership interests primarily in leading enclosed shopping centres located in growing Canadian markets. The portfolio totals 15.0 million square feet, valued at approximately $4.9 billion at Primaris' share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris is very well-capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape. Forward-Looking Information Certain statements included in this news release constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable securities laws. The words "will", "expects", "plans", "estimates", "intends" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements made or implied in this news release include but are not limited to statements regarding: the terms of the Debentures, the date of closing, the use of proceeds from the Offering and the effect of bond forward hedges. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. Primaris cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors and assumptions include those set out in Primaris' management's discussion and analysis and annual information form for the year ended December 31, 2024, which are available on SEDAR+, and in Primaris' other materials filed with the Canadian securities regulatory authorities from time to time. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, Primaris undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise. TSX: SOURCE Primaris Real Estate Investment Trust View original content to download multimedia: Sign in to access your portfolio
Cision Canada
23-06-2025
- Business
- Cision Canada
Primaris REIT Announces Successful $200 Million Unsecured Green Debenture Offering
TORONTO, June 23, 2025 /CNW/ - Primaris Real Estate Investment Trust ("Primaris" or the "Trust") (TSX: announced today that it has priced a private placement (the "Offering") of $200 million aggregate principal amount of senior unsecured debentures (the "Debentures") maturing June 25, 2033. The Debentures are being offered in each of the provinces of Canada by a syndicate of agents led by Desjardins Capital Markets, CIBC Capital Markets and Scotia Capital Inc. which includes TD Securities Inc., RBC Dominion Securities Inc., National Bank Financial Inc., BMO Capital Markets, Canaccord Genuity Corp. and Raymond James Ltd. The Debentures will be issued at a price of $1,000 per $1,000 principal amount and bear interest at a fixed annual rate of 4.835% per annum, payable in equal semi-annual instalments in arrears on June 25 and December 25 in each year, commencing on December 25, 2025 until maturity, unless redeemed at an earlier date. Inclusive of bond forward hedges, the Trust's all-in interest rate will be approximately 4.924% per annum. The Debentures will be direct senior unsecured obligations of the Trust and will rank equally and rateably with all other unsecured and unsubordinated indebtedness of the Trust, except to the extent prescribed by law. The Debentures have been assigned a provisional rating by DBRS of BBB (high). Primaris intends to use the net proceeds from the Offering to fund the financing of eligible green projects ("Eligible Green Projects") as described in the Trust's June 2025 Green Finance Framework. Prior to allocation of the net proceeds of the Offering to Eligible Green Projects, the net proceeds may be initially used for repayment of short-term debt, credit facilities, or held in cash or cash equivalents. The closing of the Offering is expected to take place on or about June 25, 2025. The Debentures have not been, and will not be, registered under the United States Securities Act of 1933, as amended, (the "U.S. Securities Act") or any state securities law and may not be offered or sold in the United States and, accordingly, may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, U.S. Persons except pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful. About Primaris Primaris is Canada's only enclosed shopping centre focused REIT, with ownership interests primarily in leading enclosed shopping centres located in growing Canadian markets. The portfolio totals 15.0 million square feet, valued at approximately $4.9 billion at Primaris' share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris is very well-capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape. Forward-Looking Information Certain statements included in this news release constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable securities laws. The words "will", "expects", "plans", "estimates", "intends" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements made or implied in this news release include but are not limited to statements regarding: the terms of the Debentures, the date of closing, the use of proceeds from the Offering and the effect of bond forward hedges. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. Primaris cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors and assumptions include those set out in Primaris' management's discussion and analysis and annual information form for the year ended December 31, 2024, which are available on SEDAR+, and in Primaris' other materials filed with the Canadian securities regulatory authorities from time to time. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, Primaris undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
Business Wire
20-06-2025
- Business
- Business Wire
Primaris REIT Publishes Inaugural Green Finance Framework
TORONTO--(BUSINESS WIRE)--Primaris Real Estate Investment Trust ("Primaris") (TSX: announced today that it has published its inaugural Green Finance Framework (the 'Framework'), under which it may issue green bonds, green loans or other related financial instruments. The framework outlines eight eligible categories for investment: green buildings, energy efficiency, renewable energy, sustainable water and wastewater management, clean transportation, climate change adaptation, pollution prevention and control, and the circular economy. "As a Board member and Chair of the Compensation, Governance, and Nominating Committee, I'm pleased to support the introduction of our Green Finance Framework,' said Anne Fitzgerald, Trustee. 'It's a practical step that aligns with our broader sustainability strategy and helps ensure we're investing in projects that support environmental progress in a thoughtful, responsible way." Rags Davloor, Chief Financial Officer added, "Today marks a significant step forward in our commitment to sustainability. With the publication of our Green Finance Framework, we are aligning our environmental goals and targets with business strategy. Proceeds from green financing will support our focus on emissions reduction, building certifications, energy and water management, and tenant sustainability impacts, while creating long-term value for our stakeholders." The Framework has been reviewed by Moody's Ratings, which issued a Second Party Opinion confirming the Framework's alignment to the International Capital Market Association Green Bond Principles (2021) and the Loan Market Association Green Loan Principles (2025). Primaris will report annually on the allocation and impact of financed projects under the Framework on its website, and/or in its corporate reporting. The Framework and Second Party Opinion are available on the ESG section of the Primaris website. Advisor Scotiabank acted as sole sustainability structuring agent on the Framework. About Primaris Real Estate Investment Trust Primaris is Canada's only enclosed shopping centre focused REIT, with ownership interests in leading enclosed shopping centres located in growing Canadian markets. The current portfolio totals 15.0 million square feet, valued at approximately $4.9 billion at Primaris' share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris is very well-capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape. Forward-Looking Statements Certain statements included in this news release constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable securities laws. The words "will", "expects", "plans", "estimates", "intends" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements made or implied in this news release include but are not limited to statements regarding: Primaris' intention and ability to complete an offering of green bonds, green loans or other related financial instruments, Primaris' expected investment in the eligible categories outlined herein and the expected sufficiency of proceeds from any such offering to fund these investments and to create long-term value for stakeholders. Forward-looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements are not guarantees of future performance and are based on estimates and assumptions that are inherently subject to risks and uncertainties. Primaris cautions that although it is believed that the assumptions are reasonable in the circumstances, actual results, performance or achievements of Primaris may differ materially from the expectations set out in the forward-looking statements. Material risk factors and assumptions include those set out in Primaris' management's discussion and analysis for the three months and years ended December 31, 2024 and 2023, which is available on SEDAR+, and in Primaris' other materials filed with the Canadian securities regulatory authorities from time to time. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, Primaris undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise. For more information:
Yahoo
03-06-2025
- Business
- Yahoo
Vantage Data Centers Secures $5B in Incremental Green Loan Financings to Support Demand for North America Platform
$2.25B construction loan for Ohio campus and $2.75B corporate facility upsize underpin rapid growth fueled by cloud and AI requirements DENVER, June 03, 2025--(BUSINESS WIRE)--Vantage Data Centers, a leading global provider of hyperscale data center campuses, today announced it has secured $5 billion in incremental green loan financings to meet continued demand. The capital includes a $2.25 billion financing to fully fund construction of the company's New Albany, Ohio, campus and a $2.75 billion upsizing of an existing $3 billion 2024 borrowing base loan. These transactions combined give Vantage a total of $8 billion for the ongoing expansion of its North America platform. Innovative Rated Construction FinancingVantage has raised $2.25 billion in debt financing to fund the full development of its New Albany, Ohio, campus. Located just outside Columbus, this 70-acre campus will house three pre-leased hyperscale data centers with 192MW across 1.5 million square feet. The first facility is slated to be operational by December 2025. Led by Mitsubishi UFJ Financial Group, Inc. (MUFG) and Societe Generale, the transaction represents one of the first construction loans in the data center industry to have achieved private investment-grade ratings by two leading rating agencies. Increased Corporate FacilitySeparately, Vantage upsized its existing $3 billion green loan corporate credit facility by an additional $2.75 billion, increasing the total to $5.75 billion. The financing will support the development of data centers and land acquisitions for future growth in North America. The transaction continues Vantage's long-standing relationships with top-tier financial institutions. The expanded facility was arranged by a bank syndicate led by structuring bank Wells Fargo Securities, LLC along with joint bookrunners TD Securities, Truist Securities, Inc. and Scotiabank. "As the need for digital infrastructure continues to accelerate, Vantage remains focused on raising capital to support the rapid expansion of our North America platform," said Rich Cosgray, senior vice president, global capital markets at Vantage. "These financings demonstrate our ability to secure sustainable and innovative funding vehicles to meet market demand and serve our customers with scalable solutions that ultimately increase our speed to market." Both financing deals were secured under Vantage's Green Finance Framework, reinforcing the company's commitment to the sustainable development, delivery and operation of its data centers. This strong financial backing positions Vantage to meet customer demand at scale across multiple markets in support of the digital economy. White & Case served as legal advisor to Vantage on both transactions. About Vantage Data CentersVantage Data Centers powers, cools, protects and connects the technology of the world's well-known hyperscalers, cloud providers and large enterprises. Developing and operating across five continents in North America, EMEA and Asia Pacific, Vantage has evolved data center design in innovative ways to deliver dramatic gains in reliability, efficiency and sustainability in flexible environments that can scale as quickly as the market demands. For more information, visit View source version on Contacts Press Contacts Mark FreemanVantage Data Centersmfreeman@ +1-202-680-4243 Robin BectelREQ for Vantage Data Centersvdc@ +1-202-936-6335
