ING TURKEY RENEWED ITS SUSTAINABILITYLINKED SYNDICATED LOAN

ING TURKEY RENEWED ITS SUSTAINABILITY-LINKED SYNDICATED LOAN

1 Min | 23 June 2022
ING Turkey renewed its Euro 300,000,000 equivalent sustainability-linked syndicated loan with a roll-over ratio of 100%.

ING Turkey renewed its Euro 300,000,000 equivalent sustainability-linked syndicated loan with a roll-over ratio of 100%.

Noting that the financial sector plays transformative role in creating a sustainable world, ING Turkey CEO Alper Gökgöz said: “We are pleased with the renewal of our Bank’s first ever ESG-linked syndicated loan, and believe the funds obtained with this transaction will contribute to both our customers and domestic economy. We will continue to support our customers to help them to stay a step ahead of local and global competition and to bring our international expertise and experience into our country.”

ING Turkey, part of ING Group which is a pioneer in the field of sustainability, fully renewed its Euro 300 million equivalent first ever sustainability-linked syndicated loan raised in 2021, with 100% roll-over ratio.

ING Bank N.V. and Emirates NBD Capital Limited acted as Sustainability Coordinators.

Emirates NBD Capital Limited acted as Sole Coordinator, Documentation Agent and Emirates NBD Bank PJSC as the Facility Agent to the Facilities, which have been oversubscribed with commitments of 22 banks from 10 countries. The proceeds of 367-day syndicated loan will be used for general trade finance purposes, and all-in pricing is SOFR + 2.75% for USD and Euribor + 2.10% for EUR. The deal has three sustainability-linked Key Performance Indicators (“KPIs”). Pricing of the syndicated loan will be improved in case KPIs regarding sustainable asset growth, sustainability training of total workforce and female manager employee levels are met.

Alper Gökgöz: We will continue to support our customers to make sure they are always a step ahead in local and global competition.

Commenting on the renewed syndicated loan transaction, ING Turkey CEO Alper Gökgöz said: “We believe financial sector should play an important and transformative role in the creation of a healthy and sustainable world. As ING Group, being a pioneer in sustainable banking, we want to be a banking leader in building a sustainable future for our company, our customers, society and the environment, and we as ING Group aim to grow new renewable energy financing by 50% by 2025 year end. In the meantime, as an institution that promotes diversity and inclusion as it is essential for delivering on our strategy, in order to stay a step ahead we are putting in place exemplary practices both within and outside our organization.” Gökgöz continued: “We are striving to meet our customers’ diverse needs with most suitable solutions, best facilities and opportunities, and believe that fundings provided in international field are important. Accordingly, we are particularly pleased with the renewal of this transaction, which we made last year as our bank’s first ever sustainability-linked syndicated loan, and believe the funds obtained with this transaction will contribute to both our customers and the domestic economy. We will continue to support our customers to help them to stay a step ahead of local and global competition and to bring our international expertise and experience into our country.”

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