ISPT completes $495m restructure

ISPT completes $495m restructure

28 September 2021 By Emma Ryan

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).

Firm: Herbert Smith Freehills (ISPT).

Advertisement
Advertisement

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.

SPONSORED CONTENT

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.”

ISPT completes $495m restructure
Intro image
lawyersweekly logo