Ant Group converted a syndicated credit facility into a $6.5 billion sustainability-linked loan last year, the largest of its kind in Asia-Pacific, reports Bloomberg. The fintech company made the conversion in November to bolster its environmental, social and corporate governance goals including cutting carbon and hiring underprivileged workers, the company said in a statement on Monday.
The transaction was supported by a group of 20 banks across US, Europe and Asia, Ant said. Citigroup, Credit Suisse Group AG, JPMorgan Chase and Morgan Stanley were joint coordinators for the amendment exercise.
The sustainability-linked loan is the largest in the Asia Pacific loan market and third largest globally for last year, the company said, citing Dealogic. The money would help the company backed by billionaire Jack Ma achieve net zero by 2030. The Hangzhou-based business plans to apply green computing algorithms to improve server efficiency in its leased data centers.
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