Corticeira Amorim concludes new green Commercial Paper Programme worth €20M

  • ECO News
  • 22 December 2022

According to a statement sent by Corticeira Amorim to the Portuguese Securities Market Commission (CMVM), the Commercial Paper Programme (CPP) will mature in 2027.

Corticeira Amorim completed with CaixaBI and Caixa Geral de Depósitos (CGD) a green Commercial Paper Programme (CPP) in the amount of €20 million. This is the company’s fifth sustainable financing, which brings the total amount raised with this type of funding to €126.6 million.

According to a statement sent by the company to the Portuguese Securities Market Commission (CMVM), the CPP will mature in 2027. CaixaBI will serve as organiser, lead manager, paying agent and recording institution, and CGD as subscription guarantor.

“The capital issued through the CPP was fully allocated to the acquisition by the Group’s subsidiary company Herdade de Rio Frio, S.A. of 1,855 hectares of land adjacent to properties already owned by this subsidiary that includes a group of properties dedicated to forestry development,” Corticeira Amorim explains in the same statement. The operation is in line with Corticeira Amorim’s strategy to improve the productivity of the estate’s agro-forestry activity, it adds.

Earlier this week, the same company had announced another Commercial Paper Programme, with Banco de Sabadell, worth €35 million and maturing in 2029.

“Corticeira Amorim believes green financing instruments to be effective tools for supporting projects with a positive impact in terms of mitigating and adapting to climate change,” the statement informs.