Herbert Smith Freehills has advised ISPT Pty Ltd on the deal. The lenders were represented by Allens.
The deal involved the restructure of A$2.8 billion in bank facilities to sustainability linked loan facilities for ISPT’s flagship fund, the ISPT Core Fund. The restructure represents the largest sustainability linked loan facility announced in Australia to date.
The restructure of ISPT Core Fund’s two facility agreements involved five joint sustainability coordinators (ANZ, CBA, HSBC, NAB, and Westpac) and The Bank of Nova Scotia as an additional lender and linked four of ISPT’s environmental, social and governance (ESG) targets – emissions, water usage, labour certification and waste – to the interest rate margin payable on its debt.
The Herbert Smith Freehills team was led by Partner Andrew Booth (Picture), Executive Counsel Amy Repse and Solicitor Andrew Julian.
The Allens’ team comprised of Warwick Newell (lead Partner), Renee Boundy (Partner), Brooke Muggeridge (Senior Associate), Madeleine Tehan (Lawyer).
Involved fees earner: Renee Boundy – Allens; Brooke Muggeridge – Allens; Warwick Newell – Allens; Madeleine Tehan – Allens; Andrew Booth – Herbert Smith Freehills; Andrew Julian – Herbert Smith Freehills; Amy Repse – Herbert Smith Freehills;