Baker McKenzie Wong & Leow has advised MUFG Bank and Rabobank, the mandated lead arrangers and bookrunners, in a five-year USD 750 million sustainability linked financing to UPL Corporation Limited ("UPL"), the overseas subsidiary of UPL Ltd., India's largest agrochemical company. The loan - the first sustainability linked loan in India - was for an original loan amount of USD 500 million and was subsequently upsized to USD 750 million as it was over-subscribed. This deal was completed in March 2021. 

This is landmark, first-of-its-kind transaction by an Indian borrower targeted investors and credit providers who are increasingly focused on meeting ESG objectives. Under the facility, UPL has selected specific sustainability targets that are aligned with its sustainability ambitions in reducing its environmental footprint centred on improvements in greenhouse gas emissions, water consumption, and waste disposal. The financing will also set the pace towards incentivising borrowers to achieve its sustainability commitments and to support environmentally and socially sustainable economic activity and growth. 

Finance & Projects Principal Kah Chin Chu is supported by associates Bernice Gan and Terrence Tim.
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