Starbucks to Raise $500 Million in Sustainability Bond
May 16 2016 - 7:40PM
Dow Jones News
Starbucks Corp. said it plans to raise $500 million to pay for
so-called sustainable projects, including support programs for
farmers in coffee-growing regions.
The Seattle-based coffee chain said it would sell 10-year bonds
to go toward those projects, underscoring the greater focus on
environmental and social issues in corporate business
practices.
"Sustainability is not just an add-on, but an integral part of
Starbucks, including our strategy and finances," Chief Financial
Officer Scott Maw said in a news release. Starbucks said it would
update every year how the money is being used.
The company already operates an agronomy center in a Costa Rica
farm along with a network of eight farmer support centers around
the world, and it had committed to invest $50 million in short- and
long-term loans to farmers.
Research firm Sustainalytics, which focuses on sustainability
ratings, gave the second opinion for 'sustainability bond,'
Starbucks said in a news release.
The company's stock closed down 0.5% Monday at $55.53, but it
has risen 9.3% over the past 12 months.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
May 16, 2016 19:25 ET (23:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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