Downer wins Australian Syndicated Loan Deal of the Year award

08/02/2021

Downer wins Australian Syndicated Loan Deal of the Year award

In December, Downer successfully completed the refinancing of the Group’s debt platform with the establishment of a new $1.4 billion Syndicated Sustainability Linked Loan (SLL) facility.

It was the largest SLL in Australia in 2020 – and it has just been voted the best.

Domestic financial markets publication, KangaNews, has announced its annual KangaNews Awards, with Downer awarded the Australian Syndicated Loan Deal of the Year. KangaNews polls hundreds of market participants each year to determine the award winners.

Sustainability linked loans are designed to incentivise borrowers, like Downer, to deliver on commitments to sustainability and to support sustainable economic activity and growth.

Downer’s Group Treasurer, Paul Macfarlane, said the refinancing followed consolidation of the Downer and Spotless debt platforms after Downer achieved 100 percent ownership of Spotless in October 2020.

“The refinancing provided an opportunity to align the Group’s financing and sustainability strategies,” Mr Macfarlane said. “The new facility is underpinned by KPIs linked to Downer’s greenhouse gas emissions (GHG) reductions as well as social sustainability metrics relating to cultural awareness and mental health and wellbeing training for our people. If these KPIs are satisfied, Downer’s borrowing costs will be reduced.”

Downer’s Group General Manager Environment, Sustainability and Reporting, Ricky Bridge, said that capital market issuers are placing greater emphasis on sustainable finance, such as Green Bonds and Sustainability-Linked Loans. 

“For Downer to firstly complete the SLL, and now win this award is a welcome validation of the Group’s ongoing commitment to a market-leading sustainability strategy that will reduce GHG emissions and deliver a positive social impact,” Mr Bridge said.

You can read more about Downer’s sustainability performance and initiatives in our 2020 Sustainability Report, available here: https://sustainability.downergroup.com/2020/