Slaughter and May advised the Unite Group plc on the deal.
The Facility matures in 2025 with an option for two one-year extensions, and contains a sustainability-linked margin ratchet based on performance against three sustainability targets which align with the group’s sustainability strategy. These include annual targets based on: supporting the group’s transition to net zero carbon by 2030, through reduction in scope 1 and 2 carbon emissions for operational buildings; improvements in the EPC ratings of properties in England and Wales with a target of all properties reaching at least C rating by 2027; and the value of Unite’s contributions to social initiatives aimed at improving access to post-18 education, enhancing employment prospects for graduates and benefiting local communities.
The Facility is Unite’s first sustainability-linked loan and follows the publication of the group’s sustainable finance framework in April 2021.
Slaughter and May’s team included Matthew Tobin (Picture), Partner, Melissa Maynard, Associate, Stuti Sarin, Associate, Helena Cameron, Trainee, Annabel Fleming, Trainee, William Watson, Partner, Gabrielle Pereira, Associate and Stephen Elhabbal, Associate.
Involved fees earner: Stephen Elhabbal – Slaughter and May; Melissa Maynard – Slaughter and May; Gabrielle Pereira – Slaughter and May; Stuti Sarin – Slaughter and May; Matthew Tobin – Slaughter and May; William Watson – Slaughter and May;
Law Firms: Slaughter and May;
Clients: Unite Students;