RESORT-OPERATOR Banyan Tree : B58 0% has secured its first sustainability-linked loan, worth S$70 million.
The syndicated loan is led by Maybank, with the Singapore branches of Bank of India and Hua Nan Commercial Bank as lead arrangers.
Banyan Tree president and chief executive Eddy See said on Wednesday (Mar 27) that the senior unsecured loan will help the group in its commitment to responsible tourism, and support the industry’s decarbonisation.
This comes after the hospitality group’s FY2023 financial results reflected recovery from the pandemic’s impact, he added.
The group posted a 23 per cent increase in the total value of property sales from its branded residences and extended-stay segment for FY2023. It stood at S$267.8 million, up from S$217.2 million in FY2022.
Maybank Singapore’s head of global banking, Gregory Seow, said that with higher-for-longer interest rates, businesses “require timely, flexible and customised solutions to navigate challenges and capitalise on opportunities”.
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The bank mobilised RM68 billion (S$19 billion) in sustainable finance from 2021 to 2023, and is on track to achieve its investment target of RM80 billion by 2025.
