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Port of Newcastle deal – Key Facts
In May 2021, NAB announced its role in the development of a loan for Port of Newcastle. This loan aligned financing for Australia’s largest east coast seaport with long-term environmentally and socially responsible outcomes.
As Sustainable Finance Structuring Coordinator, NAB assisted in the development of both a sustainability-linked financing framework and green financing framework with Port of Newcastle.
This transaction has been widely reported across domestic and global media. Due to the complexity of the refinancing arrangement, some reporting has contained factual inaccuracies.
NAB is acutely aware of all the views around how to steward our planet safely and sustainably. We want to ensure the facts are clearly set out.
NAB strengthens long-term sustainability for Port of Newcastle with landmark loan
National Australia Bank (NAB) has led the development of a landmark loan for Port of Newcastle (PON) that aligns financing for Australia’s largest east coast seaport with long-term environmentally and socially responsible outcomes. The arrangement includes A$515 million in sustainability-linked loans that incentivises Port of Newcastle by offering a lower margin on debt if it hits targets across a range of social and environmental metrics.
This is the first sustainability-linked financing by an Australian seaport and the first such loan in Australia to include a modern slavery assessment metric addressing all of the borrower’s suppliers. The other four metrics focus on emissions reduction, mental health first aid, diversity and inclusion and achieving certified recognition against the NSW Government Sustainability Advantage Scheme. Port of Newcastle CEO Craig Carmody said this loan had created a
Date Time
Landmark loan strengthens long-term sustainability for Port of Newcast
National Australia Bank (NAB) has led the development of a landmark loan for Port of Newcastle (PON) that aligns financing for Australia’s largest east coast seaport with long-term environmentally and socially responsible outcomes.
The arrangement includes A$515 million in sustainability-linked loans that incentivises Port of Newcastle by offering a lower margin on debt if it hits targets across a range of social and environmental metrics.
This is the first sustainability-linked financing by an Australian seaport and the first such loan in Australia to include a modern slavery assessment metric addressing all of the borrower’s suppliers.