By Pietro Lombardi

Assicurazioni Generali SpA said Tuesday that it will issue a green bond of up to 600 million euros ($674.6 million) and buy back some notes in a move that will lower interest expenses on its debt.

The Italian insurance giant said the new green bond, its second, will have a maturity of 2031 and will be offered to qualified investors.

"The transaction aims to achieve a more balanced maturity profile and reduce interest costs in future years," Chief Financial Officer Cristiano Borean said.

"The issuance of the Group's second green bond represents another important step in fulfilling the Group's sustainability commitments."

The insurer will buy back bonds for a value that won't exceed the value of the new bond.

Last year, the company issued its first green bond, amounting to EUR750 million.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

June 30, 2020 06:19 ET (10:19 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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