UIC secures first $300 mil in green and sustainability-linked loans

By Valerie Kor / EdgeProp Singapore | March 1, 2021 3:47 PM SGT
singapore land tower - EDGEPROP SINGAPORE
The proceeds of the $100 million green loan will go towards a major upgrading of the 48-storey Singapore Land Tower at 50 Raffles Place. (Photo: The Edge Singapore)
SINGAPORE (EDGEPROP) - United Industrial Corporation (UIC) has secured its first green and sustainability-linked loans totalling $300 million. The loans from UOB and DBS Bank comprise two three-year revolving credit facilities.
The first is a $200 million sustainability-linked loan, which is for partial refinancing of existing facilities and general corporate purposes. It reinforces the group’s long-term commitment towards sustainability and responsible growth.
The proceeds of the $100 million green loan will go towards a major upgrading of the 48-storey Singapore Land Tower at 50 Raffles Place. It is the first major asset enhancement since the external facade was reclad in 2002. The enhancement will introduce green features such as energy efficient lifts and lighting, a low emissivity double-glazed external curtain wall system, and priority parking for electric/hybrid cars. There will also be a covered walkway to Raffles Place MRT station and end-of-trip facilities such as bicycle parking lots and changing rooms with showers.
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Both the $100 million green loan and the $200 million sustainability-linked loan are extended on a 50-50 basis by UOB and DBS Bank. They are issued under the UIC Sustainable Finance Framework, which is aligned with the Green Loan Principles and Sustainability-linked Loan Principles by the Loan Market Association and the Asia Pacific Loan Market Association.