VF Corp. announced on Feb. 27 the closing of the first “green bond” in the apparel and footwear industry. The net proceeds from the €500 million bond offering will be used for investment in programs within the company’s “Made for Change Sustainability & Responsibility Strategy,” and to drive progress toward the achievement of VF’s recently announced science-based targets and its vision on sustainable materials. The projects that are eligible for funding will be chosen in the areas of sustainable products & materials, sustainable operations & supply chain, reforestation and regenerative agriculture. They will have to contribute to the United Nations Sustainable Development Goals. The green bond is one of two tranches in a series of senior unsecured Euro-denominated notes offered by VF that have received high ratings by Moody’s and Standard & Poors. They were also intended to buy back $650 million in notes carrying interest of 6.0 percent and 6.45 percent.
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