UPL offers rare sustainability-linked loan in Asian market

By Pan Yue
23 Feb 2021

Agrochemicals company UPL Corp is set to be the first Indian company to raise a sustainability-linked loan (SLL) amid growing appetite for the product in Asia. The $500m deal will offer banks in the region a rare opportunity to participate in a syndicated deal from the asset class. Pan Yue reports.

UPL has mandated MUFG and Rabobank as bookrunners for the five year SLL. The company is still in discussions with the lead banks to finalise the deal terms, including pricing and the sustainability targets.

The company plans to use the facility to refinance part of an outstanding $3bn deal ...

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