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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).
Emma Musgrave
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.”
