PTI Converts €1.2B Credit into Sustainability Loan
Phoenix Tower International (PTI), a global leader in wireless communications infrastructure, has announced the conversion of €1.2 billion in credit facilities into a Sustainability-Linked Loan (SLL).
This funding will support PTI’s ongoing growth in delivering essential and energy-efficient tower infrastructure to both new and existing markets worldwide.
ING served as joint mandated lead arranger, bookrunner, and the sole sustainability coordinator for this transaction. The SLL was structured according to the Sustainability-Linked Loan Principles established by the Loan Market Association, Asia Pacific Loan Market Association, and Loan Syndications and Trading Association.
After securing the €1.2 billion European credit facilities in September 2023, PTI successfully converted this financing into an SLL, which will mature in September 2030. This SLL includes three key performance indicators (KPIs):
- Reduction in Scope 1 and 2 GHG intensity per site, along with Scope 3 GHG disclosure
- Improvement in the GRESB score based on the GRESB Infrastructure Asset Assessment methodology
- Increase in the number of sites upgraded to LED or fully solar lighting
“As we continue to grow our business, we are focused on creating a more sustainable path to providing wireless tower infrastructure to communities and countries in need of greater connectivity in the most efficient and environmentally friendly way possibly,” said Dagan Kasavana, Chief Executive Officer of PTI. “As long-term owners of wireless infrastructure, we have an opportunity to lead on this important topic and we know that’s important to our clients, the communities we do business in and the industry as a whole. That’s why we set high standards for ourselves and why we’ve committed to this Sustainability-Linked Loan.”
“ING supports clients to be a step ahead in Digital Connectivity, and are proud to witness PTI expand its leadership also in sustainability,” said Ana Carolina Oliveira, ING head of Technology, Media & Telecom / Healthcare Americas.
“This deal is a testimony to PTI’s commitment in advancing its sustainability initiatives by linking its financing to a comprehensive set of material KPIs,” says Suleyman Kilci, Vice President Sustainable Finance at ING Americas.
“We have set a new standard in the tower infrastructure sector with this Sustainability-Linked Loan, and in the process, reinforce our commitment to environmental sustainability,” said Michael Bremer, Chief Financial Officer of PTI.
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Source: Phoenix Tower International
