Pearson gives ESG loans new educational direction
Pearson, the UK educational publisher, has signed a $1.2bn bank facility with a novel margin link to the company’s progress in educational reach, but loans bankers say that this increasingly popular form of funding is unlikely to drag the market out of its low volume melancholy.
The multicurrency revolver is Pearson’s first foray in the environmental, social and governance (ESG) loan market. It matures in February 2024 and pays around 10bp either side of 50bp over Libor, according to James Kelly, group treasurer at Pearson.
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