Helsinki (News release) - UPM has successfully issued a new EUR 600 million Green Bond under its EMTN (Euro Medium Term Note) Programme and Green Finance Framework. The bond matures in August 2034, pays a fixed annual coupon of 3,375% and is expected to be rated BBB+ by S&P Global Ratings. UPM will apply for the bond to be listed on the Irish Stock Exchange plc, trading as Euronext Dublin.

BNP Paribas, Danske Bank, J.P. Morgan, OP Corporate Bank and SEB acted as joint bookrunners for the transaction.

The net proceeds of the issue will be used to finance and/or refinance Eligible Projects and Assets under UPM's updated Green Finance Framework from November 2023. The indicative allocation of the framework categories to be used are sustainable forest and plantation management, climate-positive and circular bioeconomy adapted products and solutions, and renewable or CO2-free energy.

"With the successful fourth issuance, UPM further strengthens its position as one of the largest corporate Green Bond issuers in the Nordics with a total of EUR 2,350 million issued. We are once again pleased with the confidence and interest shown by investors. This fourth Green Bond further links our financing to our sustainability goals and supports our overall Biofore strategy," says Tapio Korpeinen, CFO of UPM.

The EMTN Base Prospectus, the Supplement to the EMTN Base Prospectus and the Green Finance Framework are available on UPM's website at www.upm.com/investors/upm-as-an-investment/debt/.