MUFG Bank and Rabobank were the mandated lead arrangers and bookrunners for the facility. They launched the deal into syndication in March at an initial size of $500m.
The deal, which offered a rare opportunity for banks in the region to participate in a sustainability-linked deal, was oversubscribed. UPL was the first Indian company to tap the nascent SLL market in Asia, and one of the firsts to syndicate its deal widely.
The loan had a tenor of five years with bullet repayment. It paid a margin of 130bp over Libor. The margin can be reduced by up to 5bp if UPL meets pre-determined targets around environmental, social and governance factors.
The deal will be used to refinance part of an outstanding $3bn loan raised by UPL in January 2019 for the acquisition of Arysta LifeScience, a Japanese crop protection solutions provider. That transaction was also led by MUFG and Rabobank. They brought in ANZ, Barclays, DBS, First Abu Dhabi Bank, JP Morgan and Société Générale as MLABs in senior syndication, and attracted 16 other participants during the general stage, according to Dealogic.