14 Jun 2021 | 09:58 am | 1 min. read
Multinational law firm Pinsent Masons has advised University College London (UCL) on its debut issue of £300m 1.625% sustainability bonds due 2061 - the first publicly listed sustainability bonds in the higher education sector.
The bonds are rated Aa3 by Moody's and were priced at a spread of 0.50% over the relevant reference gilt.
UCL will allocate an amount equivalent to the net proceeds of the bonds to the acquisition, financing, or refinancing of new or existing eligible sustainable projects in accordance with its sustainability finance framework.
The team at Pinsent Masons was led by debt capital markets and sustainability bond finance expert Alexis Hayworth, with governance advice from partner and higher education expert Gayle Ditchburn and assistance from higher education finance solicitor Katy McBride.
Commenting on this, Alexis Hayworth said:
"We are delighted to have advised on UCL’s debut sustainability bond, which showcases the strength and depth of Pinsent Masons' higher education finance practice. It is great that we are seeing higher education providers positively embrace sustainability products and we anticipate this trend continuing within the sector given the focus on the environment across campuses and the momentum of ESG (Environmental, Social and Governance) as an asset class in the market this year.”
Commenting on the issue, Dr Michael Spence, UCL President & Provost, said:
"We are delighted by the success of this issue, and by the strong support shown by investors in UCL’s history and future. I am particularly proud that this is the sector’s first Sustainability Bond. It demonstrates our deep commitment to sustainability as an organisation and to addressing the global impact of climate change through our world-leading research.”
Key Contacts
Multinational law firm Pinsent Masons has advised DCC Energy, a division of leading international sales, marketing and support services group DCC plc, on the acquisition of WIRSOL Roof Solutions (WIRSOL), a provider of photovoltaic (PV) and battery storage systems.
Multinational law firm Pinsent Masons has advised M Group Services, the leading provider of essential infrastructure services in the UK and Ireland, on its sale to private equity house CVC.
Multinational law firm Pinsent Masons’ partner Sylvia Tonova and senior associate Chloé De Jager have been appointed as Members of the ICC International Court of Arbitration, as representatives for Bulgaria and South Africa respectively. Both new appointments are for a three-year term set to commence on 1 July 2024.
Multinational law firm Pinsent Masons has appointed employment partner, Neil Black, as the new head of its Manchester office.
Multinational law firm Pinsent Masons has supported UK Finance in the establishment of a landmark commitment by the major retail banks to ensure the availability of core cash services across the UK.
Multinational law firm Pinsent Masons makes key financial services hire as it welcomes Banking partner Max Millington to its London Office.
For all media enquiries, including arranging an interview with one of our spokespeople, please contact the press office on
Location contacts
Europe: [email protected]
Asia: [email protected]
Middle East: [email protected]
Australia: [email protected]