Official Information Site

Senior Secured Green Bond

EUR 500,000,000 7% 2021/2025

MIRIS AS

ISIN: NO0010912843

EXECUTIVE SUMMARY

Introduction

This site has been created specifically to track this green bond issue from start to finish. All relevant information on the bond will be updated here.

This approach allows us to maximize transparency and openness since the information from start to end will be available for the whole period. Simultaneously, we save printing, paper and unnecessary energy and costs of physical post or emails. This is consistent with the MIRIS focus on preserving assets, reducing energy consumption and minimizing the carbon footprint in the interests of all our futures.

Green Bond
Sustainability needs to go hand in hand with profitability to make a real impact and so enable change over time. MIRIS has a straightforward approach to this – we say that we will have the same return on investment as return on the environment in the four-year term of this bond.

For each EUR invested in the bond, our goal is to create 1,5 EUR of assets and, by the same investment we plan to reduce the carbon footprint by 50%. This will give a 50/50 solution between profit created and environmental protection.

Our Green Finance framework will assist us in this.

Issuance
This issuer is MIRIS AS, a Norwegian registered entity.

Core to our guiding principles is that to make a real impact we need to ensure as much cash as possible is deployed directly into carbon-reducing projects and minimize the amount that goes traditional financial advisors, banks or other non-value creating activities.

The issuance is confirmed by Nordic Trustee in this Release letter.

Norwegian Bond Market
The Norwegian bond market is robust and accounts for 50% of the total Nordic market. Green bonds represent 10% of this market, but is the fastest growing of all sectors. The default rate is less than 2,4% in the high yield market, which is very low. The full report of the whole Nordic bond market may be found here

Status
The total size of this bond is maximum EUR 500 mill, and the first tranche of EUR 100 mill was completed 1 February this year. The following EUR 400 mill tap issues will be divided into EUR 100 mill tranches and will be completed before the end of this year.

Security
The bond has first call on all assets owned by MIRIS AS (link to security) and no new tap issues may exceed 75% loan to value.

Partners
There are two key partners to this bond: one on the financial side and one on the side of the environment. Nordic Trustee acts on behalf of all bond holders to ensure all activity meets the terms of  the bond agreement and also acts as a security agent to ensure bond holders that all necessary security is in place at all times. Cicero is the organization that has certified via its second opinion the validity of our green financial framework.