Unibail-Rodamco has secured a €600 mln debt refinancing package that includes incentives based on its green energy targets from Lloyds Bank in the UK.
The loan with Lloyds Bank Commercial Banking will refinance a debt facility from 2011, providing liquidity for general corporate purposes. The interest margin will be determined by three green key performance indicators as well as the company's general credit worthiness.
The green KPIs are based on Unibail-Rodamco's Sustainability Vision and Better Places 2030 strategies. Lloyds said the loan had been increased from a launch amount of €500 mln due to substantial oversubscription.
The revolving loan facility is available in Euro and has a five-year initial termination date, with two one-year extension options.
Christophe Cuvillier, CEO of Unibail-Rodamco, said: 'This green line is a new achievement for Unibail-Rodamco and reinforces the pioneering position of the Group both in terms of sustainability and financing, after the successful issuance of green bonds in 2014 and 2015.'
John Feeney, global head of commercial real estate at Lloyds Bank Commercial Banking, added: 'This is a landmark transaction building on our Green Lending Initiative as it not only brings other banks into the green funding model we established, but also leverages our leading capital markets expertise.'
