ING has acted as the Sole Sustainability Coordinator for a US$790 million financing of Singapore-based sustainable supply chain solution provider Goodpack.
- ING acts as Sole Sustainability Coordinator on the first private equity-backed leveraged sustainability-linked loan (SLL) in Southeast Asia.
- With Goodpack as the world’s largest provider of reusable intermediate bulk containers, the transaction signifies a milestone in efforts to improve further the sustainability of the supply chain industry.
Singapore, 23 October 2023 – ING has acted as the Sole Sustainability Coordinator for a US$790 million financing of Singapore-based sustainable supply chain solution provider Goodpack.
The sustainability structure for Goodpack, designed by ING, linked the company’s EcoVadis ESG rating score to the margin on its financing. ING was able to present an innovative solution by tapping on its 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.
Anju Abrol, ING’s CEO and head of Wholesale Banking APAC, said: “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. We expect such market-leading transactions to pave the way for more private sector interest in sustainable finance as the market matures in APAC.”
Goodpack, which was acquired in 2014 by a fund managed by global investment firm KKR, is the world’s largest provider of reusable metal intermediate bulk containers on a pay-per-use basis to companies transporting their valuable payloads globally by road, rail, or sea. The company is committed to creating circular supply chains in sectors including rubber, chemical, automotive, food and beverage, and other industrial and consumer goods. Today, it maintains a fleet of 4.3 million containers spread across 5,000 delivery and collection points worldwide.
Goodpack offers cost-efficient, safe and sustainable packaging solutions for shipping and storage. Its global network offers experienced specialists, service operations, and storage locations spread across 6 continents, dedicated to simplifying and optimizing supply chain processes.
After being engaged in global supply chain operations for more than 30 years, Goodpack has a suite of ready-built solutions to solve your supply chain challenges. The global supply chain solution provider manages over 5,000 global delivery and collection points with the largest fleet of 4.3 million reusable pallet-sized containers moving over 7 million payload tons across the globe per year.
ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank’s more than 57,000 employees offer retail and wholesale banking services to customers in over 40 countries.
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