{"id":30620,"date":"2022-03-22T16:44:19","date_gmt":"2022-03-22T11:14:19","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-glenmark-sll\/"},"modified":"2022-03-22T16:52:31","modified_gmt":"2022-03-22T11:22:31","slug":"biz-glenmark-sll","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-glenmark-sll\/","title":{"rendered":"Glenmark raises industry&#8217;s first sustainability-linked loan of USD 228 million"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2073464897\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p> Mumbai, Mar 22 (PTI) In the industry&#8217;s first, pharma major Glenmark has raised USD 228 million in sustainability-linked loan (SLL) from a consortium of foreign lenders, led by Bank of America.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1371133499\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> Bank of America, the sole underwriter of the entire loan, has extended USD 50 million, and Cincinnati, Ohio-based\u00a0Fifth Third Bank chipped in with 30 million, the company said.<\/p>\n<p> &#8220;We have raised an SLL of USD 228 million under the ECB (external commercial borrowing) category at a significantly lower cost to refinance its existing ECB debt. This we believe is the first SLL loan by a domestic pharmaceutical company,&#8221; Glenmark Executive Director and Chief Financial Officer VS Mani told PTI on Tuesday.<\/p>\n<p> The five-year loan is priced at 175 basis points (bps) over the London interbank offered rate, or Libor which is being replaced by the SOFR, or the secured overnight financing rate.<\/p><div class=\"trade-content_5\" id=\"trade-2199684907\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> The SOFR is the benchmark interest rate for dollar-denominated derivatives and loans that is replacing the scam-ridden Libor.<\/p>\n<p> The interest margin will come down by 2.5 bps if the borrower meets both the sustainability metrics relating to emissions reduction and water consumption, the Bank of America explained.<\/p>\n<p> Glenmark will use the fund to refinance a USD 182.5 million syndicated loan, closed in November 2020, Mani added.<\/p>\n<p> The other lenders in the consortium include the leading Taiwanese lender CTBC Bank, Emirates NBD and Qatar National Bank Singapore branch, which gave USD 24 million each. While Mashreq Bank and Japan&#8217;s MUFG and Siemens Bank Singapore branch extended USD 20 million.<\/p>\n<p> ING Bank and KEB Hana Bank Bahrain branch chipped in with USD 8 million each. PTI BEN  SHW MR MR<\/p>\n<div class=\"trade-after-content\" id=\"trade-3654327093\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Mumbai, Mar 22 (PTI) In the industry&#8217;s first, pharma major Glenmark has raised USD 228 million in sustainability-linked loan (SLL) from a consortium of foreign lenders, led by Bank of America. Bank of America, the sole underwriter of the entire loan, has extended USD 50 million, and Cincinnati, Ohio-based\u00a0Fifth Third Bank chipped in with 30 [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-30620","post","type-post","status-publish","format-standard","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Glenmark raises industry&#039;s first sustainability-linked loan of USD 228 million - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-glenmark-sll\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Glenmark raises industry&#039;s first sustainability-linked loan of USD 228 million\" \/>\n<meta property=\"og:description\" content=\"Mumbai, Mar 22 (PTI) In the industry&#8217;s first, pharma major Glenmark has raised USD 228 million in sustainability-linked loan (SLL) from a consortium of foreign lenders, led by Bank of America. 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