Submitted by glpadmin1 on Mon, 02/22/2021 - 06:58

GLP Closes First Sustainability-Linked Loan of $658 Million, One of the Largest in APAC

Singapore, 22 February 2021 – 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.

Edwin Tey, Global Treasurer of GLP said: “The size of our first sustainability linked loan demonstrates how GLP has been able to capitalize on our achievements in sustainability and integrate ESG performance with financial metrics. We look forward to using the proceeds of this loan to sustainably enhance our assets and the communities in which we work.”

ING acted as the lead sustainability structurer and coordinator for this deal and served as the sole advisor on GLP’s new green finance framework which will cover the company’s future green use-of-proceeds bond and loan issuances.

GLP published its new Green Finance Framework which aligns with the four core components of the Green Bond Principles 2018, the Green Loan Principles 2020 and the ASEAN Green Bond Standards 2018. The new framework integrates sustainable development and action against climate change mitigation and is based on the company’s strategy and its ESG Policy. GLP’s Green Finance Framework has received a Second-Party Opinion from Sustainalytics.

GLP and its strategic partners have raised more than US$1 billion in sustainability linked loans and green bonds globally. Notably, GLP J-REIT (TSE: 3281) has a SU1 (F) 1 rating (the highest possible rating) under the JCR Sustainability Finance Framework Evaluation and was the first logistics J-REIT to launch a green bond targeted at retail investors. In December 2020, GLP J-REIT issued 15-year sustainability bonds, the longest tenure for sustainability bonds in the J-REIT market.

About GLP

GLP is a leading global investment manager and business builder in logistics, real estate, infrastructure, finance and related technologies. Our combined investing and operating expertise allows us to create value for our customers and investors. We operate across Brazil, China, Europe, India, Japan, the U.S. and Vietnam and have over US$100 billion in assets under management. Learn more at glp.com/global

Media Contact:

Meredith Balenske
SVP, Global Communications
Tel: +852 6116 6709
Email:
mbalenske@glp.com

Debt Investor Contact::

Edwin Tey
SVP, Global Treasurer
+65 6643 6391
Email:
debt_ir@glp.com

Fund Investor Contact:

Craig A. Duffy
Managing Director, Fund Management
Tel: +852 3959 7009
Email:
cduffy@glp.com

 

This press release is not an offer of securities for sale or a solicitation of an offer to purchase securities. The information in this press release may not contain, and you may not rely on this press release as providing, all material information concerning the condition (financial or other), earnings, business affairs, business prospects, properties or results of operations of GLP or its subsidiaries. This release may contain forward-looking statements that involve risks and uncertainties. Forward-looking statements include statements regarding the intent, belief and current expectations of GLP or its officers with respect to various matters. When used in this press release, the words "expects," "believes," "anticipates," "plans," "may," "will," "should," “intends,””foresees,” “estimates,” “projects,” and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Similarly, statements that describe objectives, plans or goals also are forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes, and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future events and speak only as of the date of this press release. GLP does not undertake to revise forward-looking statements to reflect future events or circumstances. No assurance can be given that future events will occur, that projections will be achieved, or that GLP’s assumptions are correct.


1 Credit rating issued by Japan Credit Rating Agency, Ltd. (“JCR”), a third-party evaluation agency