Allens has advised ASX-listed Blackmores on the recent refinancing of its corporate financing facilities, converting $75 million of existing loan facilities into sustainability-linked loans.
Under the new sustainability-linked loan platform, Blackmores will be incentivised to achieve ambitious emissions reductions targets (including scope one, scope two and measured scope three emissions), as well as meeting milestones to continue progress on its ethical supply chain framework.
Blackmores' targets have been independently certified as being in line with Sustainability-Linked Loan Principles published by the Asia Pacific Loan Market Association and are a further step to decarbonise its business to reach its ambitious target of net zero carbon emissions by 2030.
'It was fantastic to work with Blackmores and in particular Head of Group Treasury Shaun Egelton to set up its new sustainable finance platform. Sustainability finance is a rapidly growing area and Blackmores has had a long-held commitment to sustainability, so it is great to see it take this further step to embed its ESG goals across its business in an ambitious, quantifiable and tangible way,' said Partner Nicholas Adkins.
'It was great to have the support of Nick, Sunny and Jessica throughout the refinancing of our bank debt facilities. Apart from the advice on the broader facility terms, it was clear from the outset that Nick and the broader Allens team have an in depth knowledge of sustainability financing. Blackmores was able to leverage off this and set ambitious targets aligned to Blackmores’ overall commitment to sustainability,' said Blackmores Group Head of Group Treasury Shaun Egelton.
The Allens team was led by partner Nick Adkins, with support from senior associate Sunny Jong and lawyer Jessica Shao.
The transaction adds to Allens' extensive experience in the rapidly growing area of sustainability finance, having also recently acted in relation to several other sustainability-linked, green and social loans / bonds.
Allens legal team
Banking and Finance
Nicholas Adkins (Partner), Sunny Jong (Senior Associate), Jessica Shao (Lawyer)