On March 17, 2020 Eastern Eye reported that “(c)hemical manufacturer Indorama Ventures Public Company Limited (IVL), has secured Thailand’s first-ever cross-border sustainability-linked ninja loan of £211million.
This syndicated loan of £211m with five-year maturity comprises of 16 Japan-based banks and institutions.
The loan is structured with linkage to the sustainability performance of IVL and have a mechanism to adjust to a lower interest rate based on IVL’s environmental, social, and governance (ESG) score.
Mizuho Bank, one of the largest lenders in Japan, is the arranger of the syndicated sustainability-linked loan.
The loan proceeds will be primarily used for refinancing and will not increase the overall debt of the company.
Sanjay Ahuja, chief financial officer at Indorama Ventures said: ‘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 recognized…’”
You may read the article on the Eastern Eye internet site.