Press release
Analog Devices Announces Inaugural Sustainability-Linked Bond Issuance, a First in the U.S. Technology Sector
WILMINGTON, Mass.--(BUSINESS WIRE)-- Analog Devices Inc. (Nasdaq: ADI) (“ADI” or the “Company”), a leading global high-performance semiconductor company, has
About this update from Analog Devices, Inc.
[{"type":"text","content":" WILMINGTON, Mass.--(BUSINESS WIRE)--\nAnalog Devices Inc. (Nasdaq: ADI) (“ADI” or the “Company”), a leading global high-performance semiconductor company, has furthered its leadership in sustainable financing following the successful placement of its inaugural sustainability-linked bond offering of $750 million in 7-year notes. This bond offering, a first in the U.S. technology sector, supports ADI’s commitment to environmental sustainability by linking financing to the achievement of its ambitious ESG targets.\n\nEarlier this year, ADI continued to advance its climate strategy with new commitments to reduce the Company’s carbon footprint. ADI developed Science-Based Target reduction plans and set goals to become carbon neutral by 2030 and achieve net zero emissions by 2050 or sooner. In support of this, ADI also joined the U.N. Global Compact and their campaign, Business Ambition for 1.5°C, a call to action to reach a net zero emissions target. ADI is committed to reduce absolute Scope 1 and 2 greenhouse gas (GHG) emissions by 27% by 2025 and 50% by 2030 from a 2019 base year – consistent with reductions believed to be required to limit global warming to 1.5°C above pre-industrial levels. Importantly, ADI’s newly issued sustainability-linked bond ties the interest rate on the bond to the achievement of the first of these two goals.\n\n“Leveraging sustainable financing is imperative to tackling society’s greatest threats, particularly climate change, and ADI is proud to be a pioneer for the U.S. technology sector in building this emerging market,” said Prashanth Mahendra-Rajah, Chief Financial Officer of Analog Devices. “Our inaugural sustainability-linked bond further reinforces our commitment to environment sustainability, especially the reduction of greenhouse gas emissions, which will help enable the transition towards a low-carbon economy.”\n\nADI is the first U.S. technology company to deploy three sustainable finance instruments with its sustainability-linked bond offering. In April 2020, ADI completed its inaugural green bond issuance of $400 million, marking its leadership as the first semiconductor company and one of the first U.S. technology companies to issue a green bond in the U.S. debt capital markets. In June 2021, ADI refinanced its revolving credit facility with a new a $2.5 billion sustainability-linked revol...