Leading global law firm Baker McKenzie has advised a syndicate of 36 banks coordinated by Bank of America, Lloyds Bank, Mizuho Bank and Standard Chartered Bank, in relation to a $600,000,000 sustainability-linked, dual-tranche term loan facilities agreement to Investec Bank plc.
The deal was signed on 6 July 2021 and represents the first ever ESG linked loan to Investec Bank plc. Bank of America and Standard Chartered Bank acted as Sustainability Coordinators, whilst Bank of America also acted as Documentation Agent and Commerzbank Finance & Covered Bond S.A. acted as Facility Agent. The transaction is one of the first deals in the market to integrate Secured Overnight Financing Rate (SOFR) hardwiring to future-proof funding.
Paris-based Banking & Finance partner Michael Foundethakis, commented, “It has been a pleasure to have advised Bank of America in relation to this US$600 million loan agreement to Investec Bank plc. This is another example our Paris and London colleagues working as one high-performing team delivering seamlessly across borders and enabling our clients to achieve their objectives.”
The Baker McKenzie team was led by partner Michael Foundethakis (Paris) and supported by associates Paul Chossegros (Paris) and Jessica Riley (London).
Bank of America is a long-standing client of Baker McKenzie. In the last few years, we have worked with them on numerous financings particularly in relation to the financing of banks located in Africa and Türkiye.
The deal was signed on 6 July 2021 and represents the first ever ESG linked loan to Investec Bank plc. Bank of America and Standard Chartered Bank acted as Sustainability Coordinators, whilst Bank of America also acted as Documentation Agent and Commerzbank Finance & Covered Bond S.A. acted as Facility Agent. The transaction is one of the first deals in the market to integrate Secured Overnight Financing Rate (SOFR) hardwiring to future-proof funding.
Paris-based Banking & Finance partner Michael Foundethakis, commented, “It has been a pleasure to have advised Bank of America in relation to this US$600 million loan agreement to Investec Bank plc. This is another example our Paris and London colleagues working as one high-performing team delivering seamlessly across borders and enabling our clients to achieve their objectives.”
The Baker McKenzie team was led by partner Michael Foundethakis (Paris) and supported by associates Paul Chossegros (Paris) and Jessica Riley (London).
Bank of America is a long-standing client of Baker McKenzie. In the last few years, we have worked with them on numerous financings particularly in relation to the financing of banks located in Africa and Türkiye.
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