Bahrain’s Gulf International Bank (GIB) has closed a $625-million sustainability-linked syndicated loan (SLL), a first for a bank headquartered in the Gulf state, a statement said on Sunday.
The transaction, which incorporates environmental, social and governance (ESG) metrics, was participated in by a diversified group of more than 20 global investors from the United States, Europe, Middle East and Asia.
It was “substantially oversubscribed”, with commitments reaching $1.1 billion, exceeding the initial facility amount of $500 million, the firm said.
"The deal was well received in the international markets and substantially over-subscribed... Given the high interest, GIB decided to upsize the facility amount to $625 million," the statement said.
The key performance indicators (KPIs) of the facility are linked to carbon emission reduction, gender diversity and sustainability reporting. The company did not share more details about the facility, including how it’s structured.
(Writing by Cleofe Maceda; editing by Seban Scaria )
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