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Treasury & Capital Markets
Shui On secures HK$5.75 billion sustainability-linked loan
Deal sees nearly 1.5x oversubscription with Standard Chartered as sole underwriter and mandated lead arranger
The Asset 22 Jun 2022

Shui On Centre Co Ltd has raised HK$5.75 billion (US$732. 45 million) in its first asset-backed syndicated sustainability-linked loan. The facility received strong market response with nearly 1.5x oversubscription.

Standard Chartered Bank (Hong Kong) acted as the sole underwriter, mandated lead arranger and bookrunner, as well as the SLL coordinator, of the deal.

Under the SLL deal, the company will receive a tiered discount rate on the interest margin if it achieves certain pre-agreed environmental, social and governance (ESG) targets.

The firm, a member of Shui On Group, holds the Shui On Centre, a Grade-A office building in Wan Chai, as its principal asset. Through the bank’s help, Shui On Centre became the first building under the group to apply for the EDGE green building certification programme developed by International Finance Corporation (IFC), and to demonstrate energy efficiency improvement beyond the EDGE certification level of 20% during the loan tenure of five years.

“In Hong Kong, building-related activities account for some 90% of the total electricity consumption, and this high level of energy consumption by buildings accounts for 60% of the city’s greenhouse gas emissions,” notes Helen Hui, head of client coverage, corporate, commercial and institutional banking, Hong Kong, Standard Chartered. “Therefore, greening buildings play a crucial role in the transition to net zero.”

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