Baker McKenzie Wong & Leow and Latham & Watkins have advised on a USD1 billion sustainability-linked syndicated term loan for Aster Chemicals & Energy, an oil refinery based in Singapore.
The loan was arranged by Singapore’s DBS Bank and OCBC Bank, which acted as mandated lead arrangers, underwriters, bookrunners and co-ordinating banks. The lenders were credit financing platform Clifford Capital, Indonesian financial institutions Indonesia Eximbank, Bank Mandiri, Bank Rakyat Indonesia, Thailand’s Bangkok Bank, British multinational Standard Chartered Bank, and the UAE’s First Abu Dhabi Bank.
Baker McKenzie Wong & Leow, the Singapore member firm of Baker McKenzie, counselled DBS and OCBC, with the banking and finance principal Emmanuel Hadjidakis leading the team. Meanwhile, Latham & Watkins, led by Singapore partners Timothy Hia and Chuan Wei Kong, advised Aster Chemicals & Energy.
DBS and OCBC also acted as sustainability co-ordinators, ensuring the loan aligns with Aster Group’s environmental, social and governance objectives. The sustainability-linked loan is also linked to the measurable reductions in greenhouse gas emissions intensity.
Proceeds from the debt financing will support Aster’s general corporate purposes, including rejuvenation projects for its assets on Pulau Bukom and Jurong Island.
