Through the participation of 10 banks, GLP has closed its first SLL loan of $ 658 million, the equivalent of 540 million euros. It is one of the largest loans of its kind in Asia Pacific, which the firm will use to contribute to its environmental objectives related to mitigating climate change and promoting green buildings.
The revolving credit line with a three-year term has been structured as an SLL linked to the latest ESG risk rating from Sustainalytics of LPG. Under the credit facility, GLP is committed to improving its ESG (Environmental, Social and Governance Criteria ESG) risk rating, which reflects GLP’s performance on various ESG metrics.
“The size of our first sustainability-linked loan demonstrates how GLP has been able to capitalize on achievements in sustainability and integrate ESG performance with financial metrics. We hope to use the proceeds from this loan to sustainably improve our assets and the communities in which we work. Edwin Tey, GLP Global Treasurer.
Currently, GLP J-REIT (TSE: 3281) has a SU1 (F) rating (highest possible) according to the JCR Sustainability Financing Framework Assessment and was the first logistics J-REIT to launch a green bond targeting retail investors.
In December 2020, GLP J-REIT issued 15-year sustainability bonds, the longest term for sustainability bonds in the J-REIT market.