GLP closed its first sustainability-linked loan (SLL) of US$658 million with participation from 10 banks. The loan is one of the largest SLLs in Asia Pacific and signifies GLP’s ongoing commitment to sustainability. GLP will use the loan proceeds to contribute to environmental objectives related to climate change mitigation and the promotion of green buildings.
The three-year revolving credit facility was structured as a SLL tied to GLP’s latest Sustainalytics ESG Risk Rating. Under the facility, GLP is committed to improving its ESG Risk Rating score which reflects GLP’s performance in various ESG metrics. The SLL features a two-tier incentive mechanism where GLP will be entitled to an interest rate reduction when targeted improvements in its ESG performance score are achieved.
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