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ISPT completes $495m restructure

Global law firm Herbert Smith Freehills has advised ISPT on the restructure of $495 million in bank facilities to sustainability-linked loan facilities for the ISPT Retail Australia Property Trust (IRAPT).

September 29, 2021 • By Emma Musgrave
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ISPT completes $495m restructure
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Firm: Herbert Smith Freehills (ISPT).

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Deal: The restructure of the IRAPT facility agreement involved two joint sustainability coordinators (CBA and Westpac) and linked four of IRAPT’s environmental, social and governance (ESG) targets – emissions, water usage, labour certification, and waste – to the interest rate margin payable on its debt.

 
 

Value: $495 million.

Area: Finance.

Key players: The Herbert Smith Freehills team was led by partner Andrew Booth and solicitor Andrew Julian.

Deal significance: Commenting on the transaction, Mr Booth said: “ISPT continues to lead the way on sustainability-linked loans as Australia’s largest sustainability-linked loan borrower. The restructure of the IRAPT facility agreement is a great example of incorporating novel ESG targets into existing facilities.

“We are continuing to see borrowers opt to restructure their loans and include sustainability-linked targets as part of their regular refinancings.”

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Emma Musgrave

Emma Musgrave

Author

Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.

Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences. 

Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.

She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University. 

Email Emma on: This email address is being protected from spambots. You need JavaScript enabled to view it. 

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