Citi closes $72 million principal-protected note offering
C•Citi closed a $72 million, 3.5-year principal-protected Carbon Removal-Linked Note to support Applied Carbon's Texas biochar project. Investors forgo coupon payments, with payments linked to carbon credit issuance and delivery.
1. Note supports project
Citi closed a $72 million, 3.5-year principal-protected Carbon Removal-Linked Note to support Applied Carbon's Texas biochar project. Investors forgo traditional coupon payments, directing an upfront amount to project financing; payments are linked to carbon credit issuance and delivery.
2. Carbon credit demand
Microsoft signed a 2022 offtake agreement for a portion of the project's carbon credits, providing long-term demand support.
