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The Evolution of Sustainability Linked Loans in Singapore – Past, Present and Future

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MoFo attorneys Yemi Tépé and Hong Cheong Wong, together with Andrew Ashman, Barclays Bank PLC’s Head of Loan Syndicate – Asia Pacific, explored recent trends in the market for Sustainability Linked Loans (SLLs), shared their experiences on recent SLL transactions in Asia and gave their predictions on how SLLs will evolve.

MoFo hosted a webinar in association with the Asia Pacific Loan Market Association (APLMA), “The Evolution of Sustainability Linked Loans in Singapore – Past, Present and Future” on June 28, 2021. MoFo attorneys Yemi Tépé and Hong Cheong Wong, together with Andrew Ashman, Barclays Bank PLC’s Head of Loan Syndicate – Asia Pacific, explored recent trends in the market for Sustainability Linked Loans (SLLs), shared their experiences on recent SLL transactions in Asia and gave their predictions on how SLLs will evolve.<hr>

The Evolution of Sustainability Linked Loans in Singapore – Past, Present and Future

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Yemi Tépé is Global Co-Chair of the Finance Group and a member of the Private Equity Investments and Buyouts Group, and our global Environmental, Social, and Governance (ESG) steering committee. With more than 23 years advising clients on the full spectrum of event-driven financings and private equity buyouts, she has extensive experience in domestic and cross-border acquisition and leveraged finance, public to private takeovers, real estate finance, debt structuring and restructuring, margin loans, syndicated lending and subscription line financing.Her clients include leading international banks and financial institutions, private equity sponsors, multinational corporations, alternative financiers such as credit funds, hedge funds and asset managers and emerging growth, mid-cap, and large public and privately held companies.<h4>Representative Experience</h4><ul><li>GLP China Logistics Fund I and its affiliates in the $5 billion recapitalization and exit of the portfolio developed within the fund, which was GLP’s flagship USD-denominated develop-to-core fund formed in 2013 to invest in prime, institutional-grade modern logistics assets in China.</li></ul><ul><li>The senior lenders on the acquisition financing to CVC Capital Partners for the acquisition of TRY Group, the largest one-to-one tutoring services provider in Japan.</li></ul><ul><li>GLP Pte. Ltd. in relation to subscription line facilities for GLP Japan Development Partners IV (JDP IV), which will have USD9.1 billion in assets under management when fully deployed, one of the largest-ever Japan-focused private real estate funds.</li><li>GLP Pte. Ltd. on a USD658 million sustainability linked syndicated loan facility.</li><li>The mezzanine lenders on the acquisition financing to CVC Capital Partners for the USD1.5 billion acquisition of Shiseido's personal care business.</li><li>The mezzanine lenders on Bain Capital’s approximately USD380 million acquisition of Kirindo, a Japanese pharmacy chain store operator. </li><li>SoftBank Group Corporation in connection with senior and mezzanine acquisition facilities for OYO’s acquisition of Netherlands-based @Leisure. </li><li>PA Chokmah Investment Limited (wholly owned by Ping An Overseas Holdings), as lender in relation to a HKD500 million convertible loan to Wisdom Education International Holdings Company Limited, a Hong Kong listco, principally engaged in operating premium primary and secondary schools in China.</li><li>BlackRock in relation to offshore and onshore acquisition financing in its acquisition of two blocks of grade-A office buildings in Changning, Shanghai from PGIM Real Estate, a property investment affiliate of Prudential Financial.</li><li>MUFG Bank, Ltd. as mandated lead arranger and underwriter of acquisition facilities for two strategic acquisitions aggregating close to USD1billion by Siam City Cement Public Company Limited, a listco on the Stock Exchange of Thailand and Thailand’s second largest cement producer, from LafargeHolcim Ltd.</li><li>Various lenders and private equity funds in relation to capital call/subscription facilities, fund financings and borrowing base facilities.</li></ul>

Yemi Tépé

Partner

Hong Cheong is of counsel in the Finance and Projects Group of Morrison Foerster, based in the Singapore office. He has extensive experience in advising private equity sponsors, corporates, founders, financial advisers, credit funds and banks on domestic and multi-jurisdictional finance matters. He specializes in acquisition and leveraged finance, public to private takeovers, syndicated and bilateral lending, margin financing and subscription line financing.Clients have described Hong Cheong as “a terrific attorney” and “incredibly reliable… particularly when pressures are intense”, who ensures that his “clients’ interests are well protected” and whose advice is “thoughtful, creative and tailored”. Hong Cheong’s practice has a strong focus on financing transactions in Southeast Asia and Greater China representing Mandarin-speaking clients, who have commented that “any Chinese client who needs legal service in the realm of international banking and financing will be in need of such an excellent lawyer” and highlighted that Hong Cheong’s “proficiency in Mandarin is a valuable strength for Chinese clients”.Hong Cheong has been recognized by leading legal publications in Asia, notably as an “Up and Coming Lawyer for Banking and Finance in Singapore” by Chambers Asia-Pacific, “Rising Star” by The Legal 500 Asia Pacific and “Singapore Rising Star” by Asian Legal Business.Hong Cheong is a member of the Fund Finance Association’s Diversity in Fund Finance (Asia) Committee, which promotes education, opportunity, action, and affinity in the fund finance industry in Asia.Prior to joining Morrison Foerster, Hong Cheong worked at the London and Hong Kong offices of international law firms. He is fluent in English and Mandarin.<h4>Representative Experience</h4><ul><li>GLP on the financing of its acquisition of a 50% stake in China Merchants Capital, China Merchants Group’s private equity investment vehicle.</li></ul><ul><li>GLP on a US$658 million sustainability linked syndicated loan facility.</li><li>Ascendent Capital Partners in its US$150 million investment in Best Assistant Education Online Limited, an education business subsidiary of NetDragon Websoft Holdings Limited.</li><li>Mezzanine lenders in an acquisition financing for Bain Capital Private Equity’s privatization of Kirindo Holdings Co., Ltd., a Japanese pharmacy chain store operator listed on the Tokyo Stock Exchange.</li><li>Mezzanine lenders on the acquisition financing to CVC Capital Partners for the US$1.5 billion acquisition of Shiseido's personal care business.</li><li>A PRC asset manager on a multi-billion RMB restructuring of onshore and offshore indebtedness of group members of a Hong Kong listed company.</li><li>Private equity sponsors and lenders on fund financings, in particular margin financings and subscription line financings across all fund vintages.</li><li>A consortium led by Hillhouse Capital, HOPU Investment Management, Global Logistic Properties Limited (GLP) founder Ming Mei’s SMG, Bank of China Group Investment and China Vanke Co. on its US$11.7 billion acquisition of GLP, the largest private equity buy-out in Asia (ex. Japan) to date.*</li><li>China Grand Automotive Services Co. Ltd. (SSE: 600297) and its subsidiaries on a US$358 million syndicated term loan facility (with a green shoe option up to US$422 million) for general corporate and refinancing purposes.*</li><li>Grand Baoxin Auto Group Limited (HKSE: 1293) on its US$763.4 million syndicated term loan facility (with a green shoe option up to US$86.6 million) in connection with the refinancing of a term loan facility.*</li></ul>*Includes work performed at prior firms

The Evolution of Sustainability Linked Loans in Singapore – Past, Present and Future

28 Jun 2021 12:00 AM - 12:00 AM PDT