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HSF advises ISPT on Australia’s largest sustainability linked loan
Herbert Smith Freehills has advised ISPT Pty Ltd (ISPT) on the restructure of A$2.8 billion in bank facilities to sustainability linked loan facilities for ISPT’s flagship fund, the ISPT Core Fund. The restructure represents the largest sustainability linked loan facility announced in Australia to date.
The restructure of ISPT Core Fund’s two facility agreements involved five joint sustainability coordinators (ANZ, CBA, HSBC, NAB, and Westpac) and The Bank of Nova Scotia as an additional lender and linked four of ISPT’s environmental, social and governance (ESG) targets – emissions, water usage, labour certification and waste – to the interest rate margin payable on its debt.
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