ING Türki̇ye renewed its sustainability-linked syndicated loan with 112% roll-over ratio

2 Min | 03 May 2023

ING Türkiye renewed its syndicated loan with a 112% roll-over ratio, successfully signing Euro 332 Million Equivalent Dual Currency Sustainability Syndicated Term Loan Facility.

Emphasizing financial sector’s transformative role in creating a sustainable world, ING Türkiye CEO Alper Gökgöz said: “As ING, we see sustainability as our way of doing business rather than just quantitative targets. With this vision, we prioritize sustainable finance and target net zero in our own operations. We also prioritize meeting our customers' financing needs with the most appropriate solutions in order to keep them one step ahead in the competition. In this context, we are pleased with raising an ESG-linked syndicated loan for the third time, while growing the deal size. We believe the proceeds of this transaction which will be used for general trade finance purposes, will contribute to both our customers and the Turkish economy. “

ING Türkiye, part of ING Group which is one of the pioneers in the field of sustainability, renewed its syndicated loan and achieved %112 roll-over ratio with increased number of lenders.

26 banks from 14 countries participated in the deal, wherein ING Bank N.V. and Emirates NBD Capital Limited acted as Sustainability Coordinators, Emirates NBD Capital Limited acted as the Coordinator and Emirates NBD Bank (P.J.S.C.) acted as the Agent.

The proceeds of 367-day syndicated loan will be used for general trade finance purposes, and all-in pricing is SOFR + 4.25% for USD and Euribor + 4.00% for EUR. Pricing of the syndicated loan will be improved in case Key Performance Indicators (“KPIs”) regarding increase in financial commitments to sustainable finance, receiving green building certifications and improving further the sustainability training of employees are achieved.

Alper Gökgöz: We see sustainability as our way of doing business rather than quantitative targets

Emphasizing their holistic approach to sustainability, ING Türkiye CEO Alper Gökgöz said: “As ING, we see sustainability as our way of doing business rather than just quantitative targets. We both prioritize sustainable finance and target net zero in our own operations. ING has committed to procuring 100% renewable electricity for all buildings in which they operate worldwide.” Noting finance sector’s transformative role in creating a sustainable world, Gökgöz said, “In line with ING Group’s net zero targets, we will support mobilization of EUR 125 billion sustainable finance in Wholesale Banking by 2025 via loans and advisory services to our customers. In addition, we continously strengthen our position as an opinion leader in sustainable wholesale banking with the aim of contributing to the transformation of our country. We support our customers’ access to green finance with the expertise and global network of our Group. Furthermore, we also prioritize providing the most appropriate solutions for our customers’ financing needs in order to keep them one step ahead in the competition. In this regards, we are pleased with raising an ESG-linked syndicated loan,for the third time while growing the deal size . We believe the proceeds of this transaction, which will be used for general trade finance purposes, will contribute to both our customers and the domestic Turkish economy.”

For further information about ING’s sustainability approach, please visit www.ing.com/Sustainability/Sustainability-approach.htm.

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