with a $1.4 billion debt deal tied to green targets, that will enable the borrower to convert the debt into sustainable financing in future.
Unlike many so-called sustainability-linked bonds or loans, Scape’s approach was different. In November, it was in talks with lenders about putting new financing in place, but it was not yet ready to attach sustainability targets to its debt. “We tried to do it nice and early ... The sustainability part of it came because we are a real estate business, which is capital intensive, and we had about $1.8 billion in debt.”
Scape also hired Chris Nunn in April as its ESG professional. With the former AMP Capital man in tow, Scape was ready to discuss activating the “sleeper clause”.
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