The US$300 million incremental facility consists of a three-year tranche of US$150 million at Libor plus 2.25% and a five-year tranche of US$150 million at Libor plus 2.75%. It shares the same financing structure and interest rate with the initial tranche.
The SLL includes a tiered mechanism of interest reduction designed to incentivise the group to achieve sustainability targets. Proceeds raised from the SLL will be used for the group’s refinancing of existing borrowings, working capital requirements and for general corporate purposes.
Jeffrey Perlman, chairman of ESR, said the upsize of this SLL has given ESR Cayman "further momentum" to drive its long-standing commitment to ESG.
"As ESR emerges to become APAC’s largest real asset manager following the planned acquisition of ARA, the range of stakeholders and local communities we can impact will rapidly grow and expand."
See also: Siemens, A*STAR to help accelerate smart and sustainable manufacturing in Singapore
"As a part of this journey, we are committed to ensuring the Group continues to integrate ESG into every aspect of its business, from corporate financing and sustainable growth to innovative property development and stakeholder engagement.”
Photo credit: ESR Cayman
