TISE welcomes record green bond to sustainable segment | May 2022

The International Stock Exchange (TISE) has welcomed the UK vehicle leasing sector’s largest green bond to its sustainable market segment, TISE Sustainable.

Date: Tuesday 03 May 2022

Anthony Byrne, Head of Bond Markets at TISE

Zenith Finco Plc has issued £475,000,000 6.500% Green Senior Secured Notes due 2027 which has been listed on TISE’s Qualified Investor Bond Market (QIBM) and admitted to TISE Sustainable.

Zenith Finco Plc is a wholly-owned subsidiary of Zenith Automotive Holdings Limited (together with its subsidiaries, the Zenith Group), which is the UK’s leading independent leasing, fleet management and vehicle outsourcing business.

In the next two years, the Leeds-headquartered Zenith Group intends to spend in excess of the gross proceeds of the Offering on financing or refinancing eligible green projects, including battery electric vehicles (BEVs), that are expected to reduce greenhouse gas emissions from road transportation. It is intended to foster electric vehicle mobility in the UK to advance the UN Sustainable Development Goals (SDGs), specifically SDG 11 – sustainable cities and communities.

Anthony Byrne, Head of Bond Markets at TISE, said: “I am delighted to welcome this green bond issuance to our Qualified Investor Bond Market (QIBM) and TISE Sustainable. It’s hugely rewarding to see our offering at TISE prove attractive for listing issuances which are aimed at making such a significant positive impact on our environment. I wish the Zenith Group every success with their ambitious initiative.”

The Zenith Group’s green bond issuance has been made in accordance with its Green Financing Framework which has received a second-party opinion from Sustainalytics as being aligned with the International Capital Market Association (ICMA) Green Bond Principles 2021 and the Loan Market Association (LMA) Green Loan Principles 2021.

Carey Olsen Corporate Finance acted for Zenith Finco Plc in respect of the listing on TISE and admission to TISE Sustainable.