ING Bank signs €300m equivalent ESG-Linked Term Loan Facilities
ING Turkey has announced the conclusion of its ESG-Linked $37 million and €269 million Term Loan Facilities, which marks its first ever sustainability linked syndicated loan.
ING Bank N.V. and Emirates NBD Capital acted as sustainability coordinators to the transaction. Emirates NBD Capital acted as sole co-ordinator, documentation agent and Emirates NBD Bank is the facility agent to the facilities.
Proceeds of the facilities will be used by the borrower for general trade finance purposes. The transaction comprises of two 367-day facilities, denominated in US dollars and Euros, with an all-in pricing of Libor + 2.5 per cent p.a. and Euribor + 2.25 per cent p.a., respectively.
The ESG linked transaction is in line with ING’s commitment to sustainable and responsible business conduct. The facilities have incorporated selected ESG-related Key Performance Indicators regarding sustainable asset growth, increased use of renewable energy resources for electricity consumption and gender balance. The pricing of the facilities will be adjusted as per ESG-linked pricing mechanism.
The transaction attracted commitments from 22 banks across the globe and investors from North America, Europe, Asia and Middle East joined the Facilities. The deal was highly successful, reached 111 per cent subscription level vs. the targeted amount, amid challenging macroeconomic environment. ING in Turkey decided to close the transaction at €300 million equivalent post scale back. Success of the transaction is a testament to intrinsic financial strength, continued strong performance as well as the solid banking relationships of ING Turkey.
Alper Gökgöz, ING Turkey CEO, stated that as ING they strongly believe in transformative power of financial industry and this ESG linked resource is a sign of trust to Turkey and Turkish banking industry.
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