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Africa|Energy|Financial|Renewable Energy|Renewable-Energy|Services|Environmental
Africa|Energy|Financial|Renewable Energy|Renewable-Energy|Services|Environmental
africa|energy|financial|renewable-energy|renewable-energy-company|services|environmental

Nedbank secures $350m sustainability-linked syndicated loan facility

20th October 2022

By: Schalk Burger

Creamer Media Senior Deputy Editor

     

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Financial services company Nedbank, through its London branch, has signed and closed a $350-million sustainability-linked syndicated term loan facility, with a margin contingent on the company’s performance in terms of two internal key performance indicators, namely renewable energy consumption as a percentage of the total energy consumption and reduction of total Scope 1 and 2 emissions.

The proceeds will be used for the refinancing of the remaining balance outstanding under the $500-million syndicated term loan facility dated November 5, 2019, of which $250-million was prepaid in 2021, as well as general corporate purposes, the bank said on October 20.

The facility, which is Nedbank’s inaugural sustainability-linked loan facility, is structured as a two-year term loan with an option to extend for a further year at its discretion.

The facility was launched at $250-million in September and received a positive market response from Nedbank’s banking relationships, with ten institutions from North America, Europe, the Middle East and Africa and Asia Pacific regions committing to the financing.

Following strong feedback from the banks, Nedbank increased the facility to $350-million, while providing scale-back to the participating banks.

The success of the deal underlines the strength of Nedbank’s banking relationships, its appeal to international investors and is testament to Nedbank’s robust credit profile and strong environmental, social and governance credentials, said Nedbank Corporate and Investment Banking managing executive of markets James Glover.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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