ING coordinates $260m sustainability loan for Hong Kong’s Hop Lun

Dutch financial institution ING has acted as the only real sustainability coordinator for a $260 million financing of Hong Kong-headquartered worldwide lingerie and swimwear producer Hop Lun, owned by US personal fairness agency Platinum Fairness, based on an organization launch.

Hop Lun has transformed its $260 million syndicated financial institution mortgage right into a sustainability-linked mortgage (SLL). 

Hop Lun’s SLL hyperlinks the ability curiosity margin to enhancements or deterioration in three key efficiency indicators. These embody a discount in greenhouse gasoline emissions, provider engagement utilizing the Higg Facility Environmental Module scores of the Higg Index developed by the Sustainable Attire Coalition, and the gender stability of feminine supervisors throughout factories globally.

When requested by FinanceAsia, ING was unable to reveal the industrial phrases on the rate of interest margin. A spokesperson added that the greenhouse gasoline emissions, e.g. scope 1 and a pair of emissions, are tracked and calculated based on the GHG protocol.

Anju Abrol, CEO and head of wholesale banking, ING APAC, stated: “We’re delighted to have the ability to help Hop Lun on their sustainability journey and to facilitate the net-zero transition of the attire business. We count on transactions corresponding to Hop Lun to pave the best way for extra personal fairness sector curiosity in sustainable finance because the market matures in APAC.”

ING was alos one of many 4 BMLAs that underwrote the acquisition financing package deal backing Platinum’s acquisition of Hop Lun in 2022. 

In the identical 12 months, ING achieved a quantity of over €100 billion ($108.3 billion) in sustainable finance globally. ING stated it has an purpose of accelerating this to €125 billion yearly by 2025.

Marko Popovic, head of acquisition finance, ING APAC, stated: “This transaction is our second sole sustainability coordinator mandate backing personal equity-owned firms in APAC this 12 months, following the not too long ago introduced Goodpack SLL transaction.”

Goodpack is a Singapore-based logistics provide chain firm owned by KKR.

Hop Lun

Hop Lun designs and manufactures merchandise for greater than 200 manufacturers serving a various group of purchasers together with supermarkets, fast-fashion retailers, lingerie specialists and on-line manufacturers, based totally within the US, EU and UK. The corporate employs over 25,000 staff throughout its 12 manufacturing services in China, Indonesia and Bangladesh.

Platinum Fairness is a world funding agency with roughly $47 billion of property beneath administration and a portfolio of greater than 50 working firms that serve clients around the globe.

The personal fairness agency specialises in mergers, acquisitions and operations – a trademarked technique it calls M&A&O – buying and delivering operational experience to firms in a broad vary of enterprise markets.

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