VF Corp has underwritten the sale of its unsecured senior notes due 2026 and 2029 to JP Morgan, Morgan Stanley, Barclays and Goldman Sachs as representatives of the several underwriters; an offering expected to close on 7 March 2023, subject to customary closing conditions.

The aggregate principal amount from unsecured notes due 2029 amounted EUR500m, an equivalent of which VF Corp stated would be used “in whole or in part” for projects designed to contribute to selected SDG as defined by the United Nations.

These Eligible Projects include new, existing and prior investments made by the company in 2020 and 2021 from its inaugural green bonds totalling EUR493m to 13 of the group’s eligible sustainability projects worldwide.

These project categories include:

  • Investments in, or expenditures on, identifying and/or developing innovative and more sustainable materials and/or sustainable packaging solutions.
  • Investments in, or expenditures on, the acquisition, development, construction and/or installation of, renewable energy production units or energy storage units.
  • Investments in projects to improve energy efficiency and/or reduce the greenhouse gas footprint of operations and supply chain.
  • Investments in sustainable building design features and buildings that receive a third-party verified certification of Leadership in Energy and Environmental Design (LEED) Platinum, LEED Gold, or Building Research Establishment Environmental Assessment Method (BREEAM) rating of Very Good or higher.
  • Investments to achieve the zero-waste status for all the company’s distribution centers (with zero-waste defined as a site that diverts 95% or more of its waste away from disposal through recycling, composting and reuse).
  • Upgrade costs for improvement of wastewater quality across the supply chain.
  • Investments in “natural carbon sinks,” which are designed to create and restore natural sources of carbon capture, such as reforestation conservation projects, and investments in regenerative farming, grazing and ranching practices.

VF Corp plans to publish annual updates on the net proceeds of the 2029 Notes.

Recently, VF Foundation, which supports non-profit organisations in driving inclusive and equitable movements for the betterment of people and planet, issued $8.3m in grants to support projects in sustainable innovation, inclusive and accessible outdoor spaces, women’s empowerment, and community development.

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VF Corp has been on a mission to reduce its impact on the planet by constantly improving traceability, investing in renewable energy, sourcing more responsibly and focusing on circularity. Last month, Jeannie Renne-Malone, vice president of global sustainability at the company, told Just Style exclusively that this is just the tip of the iceberg when it comes to sustainability.