Buddle Findlay, led by partner Peter Owles and senior associate Danielle Brittain advised ANZ as Sole Mandated Lead Arranger and Sole Sustainability Coordinator for the lenders in relation to Summerset Group's syndicated facility refinance incorporating a Sustainability Linked Loan of NZ$700m, the first Sustainably Linked Loan to a Retirement Village in New Zealand.
Sustainability Linked Loans are designed to incentivise efforts to increase a borrower's sustainability goals across its business by linking a portion of its borrowing costs to key environmental, social and/or governance targets. Performance against these targets are independently verified. Summerset Group's Sustainably Linked Loan is consistent with the Asia Pacific Loan Market Association's established framework for sustainable financing solutions and incorporates the following targets:
- Construction waste diversion from landfill
- The roll out of memory care suites and the continuation of dementia friendly accreditation
- An emissions reduction target that will align with, and encompass, other initiatives.
Buddle Findlay worked closely with the ANZ Syndications and Sustainable Finance practice to support Summerset to meet their sustainability goals.