Norton Rose Fulbright advises on HK$4 billion sustainability linked loan facility

Global law firm Norton Rose Fulbright has advised a syndicate of banks, led by HSBC and Standard Chartered, as Global Coordinators and Sustainability Structuring Banks, on a HK$4 billion sustainability linked loan (“SLL”) facility made available to West Kowloon Cultural District Authority (“the Authority”), the first of its kind amongst statutory bodies and arts and cultural institutions in Hong Kong. 

The West Kowloon Cultural District is one of the largest and most vibrant cultural projects in the world, with prominent theatres, performance spaces, and museums. The three-year SLL facility was significantly oversubscribed, symbolising the banking community’s full confidence in the Authority’s development prospects and capability in fulfilling its missions. 

Hong Kong banking and finance partner Peter Haslam led the Norton Rose Fulbright team which included counsel Alvin Wong and registered foreign lawyer Vivian Wong. 

This transaction adds onto the list of significant sustainable finance transactions that the Hong Kong banking and finance team has recently completed. This includes advising HSBC on HK$12 billion sustainability linked facilities to Link REIT, the Asia’s largest SLL facility amongst REITS, and advising Gaw Capital on a green loan facility to a Hong Kong listed company principally engaged in installation of charging stations for electric vehicles in Hong Kong. 

Peter commented: “This transaction is part of an increasing trend of ESG-linked financings and showcases the role of financial institutions in promoting sustainable development. We are delighted once again to support the industry players and the community in this space.”