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Allens advises on Australia’s largest sustainability-linked loan
Allens has advised the lenders on the restructuring of ISPT Core Fund’s $2.8 billion bank facilities to align with sustainability-linked loan (SLL) principles.
The facility is the largest SLL announced in Australia to date, and sees the Fund become the first Australian REIT to apply a SLL framework to all its bank facilities.
Under the SLL, sustainability performance targets will apply to the Fund’s use of borrowed capital in alignment with ISPT’s ESG strategy.
The existing lenders – ANZ, CBA, HSBC, NAB and Westpac – each acted as joint sustainability coordinator, while Bank of Nova Scotia joined the club as a lender.