Chapman Tripp in First ESG Loan Deal

Synlait Loan Achieves First ESG Measures Powered By LawFuel - Chapman Tripp worked with ANZ on a ground breaking deal for New Zealand’s first loan linked to environmental, social and governance ( ESG ) measures. The loan has been provided to milk processing firm, Synlait. The ESG component of the $50m loan to Synlait means the interest costs Synlait pays will vary depending on its performance against various environmental, social and governance measures. The Chapman Tripp team, led by partner Emma Sutcliffe with senior solicitor Jessica Elder, advised ANZ on the arrangements for the loan facility, and how it was integrated with Synlait’s existing bank facilities. ANZ said the transaction was the first time any New Zealand company has agreed with its bank to link its sustainability agenda to the cost of funds. The loan forms part of Synlait’s broader credit facilities. Andrew Beuth, Head of Loans & Markets Execution at ANZ, said, “This is a cutting edge product for ANZ, incentivising the borrower to improve its performance against independent ESG criteria. We were pleased to have Chapman Tripp helping us to implement the first loan of its type in New Zealand.” Sutcliffe said, “It was exciting to play a part in rolling out this innovative financial product which promotes sustainability. ANZ is trailblazing in offering the ESG facility to the New Zealand market and we were delighted to be able to assist.” Of Interest LawFuel - News To Power Lawyers

Chapman Tripp in First ESG Loan Deal

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