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Thursday, Nov 30, 2023

Amgen Issues ‘Green Bond’

Amgen has issued its inaugural $750 million “green bond,” which comes with a 3 percent semi-annual coupon. It matures in 2029.

The bond is part of a $4 billion underwritten public offering of senior notes that were issued Tuesday. The bond’s proceeds are used to further the biotech giant’s environmental goals that come from its environmental, social and governance framework.

“As a science-based company, we understand the profound impact that climate change is having on human health around the world,” Judy Brown, Amgen’s senior vice president of corporate affairs, said in a statement. “This green bond will fund specific projects across our company that are intended to mitigate our impact on the environment.”

Amgen plans to allocate an amount equivalent to the net proceeds in whole or in part to projects such as green buildings, eco-efficient products, renewable energy and more. An annual allocation report will be published for each Amgen Green Financing.

The green bond aligns with the company’s goal to achieve carbon neutrality in its operations by 2027 while reducing waste disposed by 75 percent and water use by 40 percent.

Shares of Amgen in Thousand Oaks closed down 41 cents, or a fraction of 1 percent, to $221 on Wednesday, a day when the Dow Jones industrial average closed down 1.4 percent. Amgen is one of 30 stocks that make up the Dow.

Antonio Pequeño IV
Antonio Pequeño IV
Antonio “Tony” Pequeño IV is a reporter covering health care, finance and law for the San Fernando Valley Business Journal. He specializes in reporting on some of the biggest names in the Valley’s biotechnology sector. In addition to his work with the Business Journal, Tony has reported with BuzzFeed News on the unsupervised use of Clearview AI, a controversial facial recognition technology. Tony, who also conducts freelance reporting, graduated from the USC’s Master of Science in Journalism program in 2021. He is in his fifth year as a journalist as of 2021.

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