A&G News 18 October 2021
Allen & Gledhill, as transaction counsel, advised Sembcorp Industries Ltd (“SCI”) on the inaugural issue of S$675 million 2.66% sustainability-linked notes due 2032 (“Sustainability-Linked Notes”) by Sembcorp Financial Services Pte. Ltd. (“SFS”) under the S$3 billion multicurrency debt issuance programme (“Programme”) established by SCI and SFS.
The payment obligations of SFS under the Sustainability-Linked Notes will be unconditionally and irrevocably guaranteed by SCI.
This is Sembcorp group’s first sustainability-linked bond. The Sustainability-Linked Notes is the first for the energy sector in South-east Asia, and the region’s largest such issuance as at 29 September 2021.
This offering is also anchored by an investment of S$150 million from International Finance Corporation (“IFC”), a member of the World Bank Group. It marks IFC’s first investment globally as an investor in Sustainability-Linked Notes, with the partnership between Sembcorp and IFC set to support more inclusive economic growth and private sector participation, while fostering sustainable business practices and significant employment opportunities.