Editor's Note: This post was contributed by Ong Kok Chung, a 21 year old advocate for the environment who recently helped organise the Global Compact Network Singapore Youth Forum. He...
Proven credit strength in milestone year
2015 was a milestone year for the RGE group of companies. While major progress was made in the companies’ respective sustainability journeys, RGE companies continued proving their credit strength with banks.
APRIL Group recently closed a USD 1.1 billion syndicated loan facility with a total of 28 international and regional banks across Asia, Europe, US and Middle East, with loan participation from their branches in Hong Kong, Singapore, Taiwan and China. The loan deal garnered many interests, with a healthy oversubscription at closing.
Loan proceeds were utilised to refinance existing loans and for general corporate purposes. The loan agreement was completed late 2015 and the facility has since been fully drawn in January 2016.
Loan facilities oversubscribed by banks
The previous significant syndicated loan facility raised by APRIL Group was in 2013 for USD 1 billion, which was subscribed by a total of 17 banks. The loan proceeds were used to refinance a project loan for the construction of PL12, a 1.5 million MT pulp line in Rizhao, China.
This loan followed Apical Group’s closing of its largest deal ever for USD 740 million with 19 banks in 2014. Both deals were well oversubscribed.
Thanks to our banking partners
The appreciation sessions in Hong Kong and Singapore were respectively held Dec 17, 2015 and Jan 27, 2016.
In his speech, RGE Vice-Chairman Bey Soo Khiang thanked the attending banks for their continuous confidence in RGE companies as value-creators for communities, the global market and the environment.
APRIL Group President Praveen Singhavi shared the strides APRIL Group made as a sustainable and responsible business, highlighting earned certifications, existing conservation efforts, expanded eco-restoration plans and pro-active ground-up fire prevention initiatives.
The long-standing trust and support from banking partners will allow the RGE group of companies to continue doing what is good not only for company, but also for the community, country and climate.
We are proud and grateful that our partners continue to stand with a group of sustainability-focused and value-creating companies.