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Indorama Ventures secures Thailand’s first sustainability loan

CHEMICAL manufacturer Indorama Ventures Public Company Limited (IVL), has secured Thailand’s first-ever cross-border sustainability-linked ninja loan of £211million.

This syndicated loan of £211m with five-year maturity comprises of 16 Japan-based banks and institutions.


The loan is structured with linkage to the sustainability performance of IVL and have a mechanism to adjust to a lower interest rate based on IVL’s environmental, social, and governance (ESG) score.

Mizuho Bank, one of the largest lenders in Japan, is the arranger of the syndicated sustainability-linked loan.

The loan proceeds will be primarily used for refinancing and will not increase the overall debt of the company.

Sanjay Ahuja, chief financial officer at Indorama Ventures said: “We are proud to be the first Thai company to obtain this Sustainability-linked Ninja Loan. Following Thailand’s first-ever green loan funded by Mizuho Bank last year, we believe that our sustainability performance and PET recycling initiatives have been recognized…”

For the first time, Japanese banks are extending cross border syndicated loans to a Thai company as well as incorporating a company’s ESG rating into considerations when arranging cross-border syndicated loans in another Asian country.

The rating is based on ESG scores provided by a globally accepted rating agency, and if they exceed a certain benchmark agreed upon among IVL and the participating banks, then IVL will benefit from lower interest rates.

IVL is a leading global chemical company with headquarters in Thailand and has manufacturing operations in 33 countries on six continents.

IVL is the world’s largest supplier of polyethylene terephthalate (PET).

Indorama Ventures has around 24,000 employees worldwide with consolidated revenue of $11.4 billion in 2019. It is listed in the Dow Jones Emerging Markets and World Sustainability Indices (DJSI).

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