Success of Bel’s new bond issue for 135 million euros over 7 years

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Bel has successfully completed a sustainability-linked private bond placement of 135 million euros on the Euro PP market, with a coupon of 5.50% maturing in December 2030. Settlement is expected on December 13, 2023.

The use of proceeds from this issue is intended to cover the general needs of Bel; it will allow the company to extend the average maturity of its financing.

The success of this placement, carried out with leading institutional investors, demonstrates the market’s confidence in the Group’s credit quality.

These sustainability-linked bonds include a coupon adjustment mechanism based on the achievement of the following three sustainable performance objectives:


  • Reduce its Scopes 1 and 2 greenhouse gas emissions: in 2021, the Group has decided to accelerate the reduction of its carbon footprint across its entire value chain to help limit global warming below + 1.5°C, trajectory validated by the SBTi – Science-Based Targets Initiative – in March 2022. As part of this commitment, Bel is committed to reducing carbon emissions from its Scopes 1 and 2 (in absolute value) by 75.6% by 2035 compared to 2017.
  • Develop carbon diagnostics and action plans with milk producers: at the end of 2021, milk purchases was representing 52% of carbon emissions linked to the production of raw materials for the Group. The carbon diagnostics – on the farms from which the Bel Group collects milk – aim to identify the main sources of emissions, to co-construct action plans with the breeders to reduce the carbon footprint, then to measure their impact via a 2nd diagnosis. Bel is committed to ensuring that, by 2028, 80% of dairy farms will be subject to at least two carbon diagnostics.
  • Contribute to a healthier diet on its core brands aimed at children and families: since 2017, Bel has developed a nutritional profiling system, Bel Nutri+, based on the recommendations of the World Health Organization (WHO) which defines target thresholds for several key nutrients (protein, fat, saturated fatty acids, sodium, calcium and added sugars). The Group’s objective is to reach 83% of the “families with children” portfolio meeting the Bel Nutri+ criteria by 2028, which corresponds to more than 60% of the total portfolio.


The bonds will be listed on the regulated Euronext market in Paris. The prospectus relating to this new issue was approved by the Financial Markets Authority on December 11, 2023 under number 23-510.

Bel was advised by Crédit Agricole Corporate and Investment Bank for the structuring of the extra-financial criteria and by CMS Francis Lefebvre, in charge of drafting the legal documentation.