ING’s Asia Pacific business acted as the sole sustainability coordinator for a US$790 million financing of Singapore-based sustainable supply chain solution provider Goodpack.
The landmark sustainability structure for Goodpack, designed by ING, links the company’s EcoVadis ESG rating score to the margin on its financing.
ING said it was able to craft an innovative solution by tapping on its own sustainable finance, acquisition finance, and transport and logistics sector expertise to provide specific targets unique to the logistics sector that are meaningful, relevant, and ambitious.
“This transaction represents the largest single sole sustainability coordinator mandate for our Acquisition Finance team across our global network to date, reflecting significant sustainable finance progress in APAC,” said Anju Abrol, ING’s CEO and head of Wholesale Banking APAC.
“We expect such market-leading transactions to pave the way for more private sector interest in sustainable finance as the market matures in APAC,” she added.
Founded in 1980 and headquartered in Singapore, Goodpack is the world’s largest provider of reusable metal containers on a pay-per-use basis to companies transporting valuable payloads globally by road, rail, or sea.
The company was acquired in 2014 by a fund managed by global investment firm KKR and is committed to creating circular supply chains in sectors including rubber, chemical, automotive, food and beverage, and other industrial and consumer goods.