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We are pleased to have assisted retirement village operator Oceania Healthcare Limited with a $500m sustainability-linked loan, and with developing a sustainable finance framework.
Our team was led by partner, Cathryn Barber, and comprised special counsel, Joshua Jones, and senior solicitor, Tom van Schaik.
“This was satisfying work to get for two reasons,” Cathryn Barber said.
“It was a chance to demonstrate our commitment as a firm to developing the New Zealand sustainability and green finance market, and it enabled us to build on the excellent relationship we have built with Oceania over time, having advised on their $125m inaugural issue of NZX-listed retail bonds and, more recently, on their $100m capital raise”.
Oceania has signed up to three Key Performance Indicators (KPIs) in relation to the five-year loan:
- to reduce its greenhouse gas emissions in line with targets approved by the international Science-based Targets Initiative (SBTi)
- to increase the diversion of construction waste from landfill, and
- to improve residents’ experience and wellbeing.
Linking our loan to our sustainability goals and measures shows that Oceania is serious about sustainable growth. This sustainability-linked loan represents a step forward for Oceania in its sustainability journey.Kathryn Waugh, Oceania Chief Financial Officer