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Indorama gets Thailand's sustainability-linked ninja loan

26
Mar '20
Pic: Indorama Ventures
Pic: Indorama Ventures
Indorama Ventures, a global chemical producer, has successfully completed Thailand’s first ever cross-border sustainability-linked ninja loan. The company, which is headquartered in Bangkok, Thailand, is one of the world’s leading petrochemicals producers, with a global manufacturing footprint across Africa, Asia Pacific, Europe, and Americas.

The syndicated loan of $255 million with five year bullet maturity, comprises of 16 Japan based banks and institutions is structured with linkage with the sustainability performance of Indorama Ventures and have a mechanism to adjust to lower interest rate based on the company’s ESG (Environmental, Social, and Governance) score, according to a press release by the company.

Mizuho bank, one of the largest banks from Japan, is the arranger of this syndicated cross-border sustainability-linked ninja loan. The loan proceeds will be primarily used for refinancing and will not increase the overall debt.

“We are proud to be the first Thai company to obtain this sustainability-linked ninja loan. Following Thailand’s first ever green loan funded by Mizuho bank last year, we believe that our sustainability performance and PET recycling initiatives have been recognised. The company’s financial strategy focuses on diversification of the funding base with access to different financial markets, extending maturity profile, and optimising cost of financing. The sustainability-linked ninja loan has favourable financing terms and will help lower overall borrowing costs,” Sanjay Ahuja, chief financial officer at Indorama Ventures said.

“I would like to thank Mizuho and all 16 banks and financial institutions who have come together to offer this sustainability-linked ninja loan. Indorama Ventures is committed to continuously developing itself to improve our value for all stakeholders over the long run,” Ahuja said.

Fibre2Fashion News Desk (GK)


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