ING acted as coordinator and GLP’s ESG advisor for the deal.
International funding supervisor GLP has secured $868.9m (US$658m), its first sustainability-linked mortgage (SLL) and the biggest within the Asia Pacific.
The three-year revolving credit score facility was structured as an SLL tied to GLP’s newest Sustainalytics Environmental, Social and Governance (ESG) Threat Ranking. Below the ability, GLP is dedicated to bettering its ESG Threat Ranking rating which displays its efficiency in varied ESG metrics.
The mortgage incorporates a two-tier incentive mechanism the place GLP shall be entitled to an rate of interest discount when focused enhancements in its ESG efficiency rating are achieved.
ING acted because the Lead Sustainability Structurer and Coordinator for GLP’s first SLL in addition to GLP’s sole ESG advisor on its new Inexperienced Finance Framework which can cowl its future inexperienced use-of-proceeds bond and mortgage issuances. Ten banks participated within the deal.
Based on GLP’s world treasurer Edwin Tey, the corporate will used the proceeds of the mortgage to sustainably improve its belongings and the communities during which the agency works.