CDL obtains S$470m green revolving credit facility

CITY Developments Limited (CDL) has obtained a five-year S$470 million green revolving credit facility for refinancing its flagship Republic Plaza commercial property and on-lending to other eligible green projects.

These other green projects are those defined in CDL's sustainable finance framework, the mainboard-listed property developer said in a press statement on Wednesday.

The green revolving credit facility, which starts in January 2021, was provided by a group of lenders comprising Agricultural Bank of China, Credit Industriel et Commercial, DBS, HSBC, MUFG, Maybank and SMBC.

DBS and HSBC are the green loan advisers for the revolving credit facility.

CDL group chief financial officer Yiong Yim Ming said: "With the pandemic heightening awareness on the need to build resilience through responsible investments, green loans have accelerated to become predominant in sustainable financing."

The latest green revolving credit facility follows CDL's bagging of S$500 million in green loans in 2019 for new property developments.

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In 2017, CDL issued S$100 million in green bonds - which was allocated towards the repayment of a S$100 million loan extended by CDL to the owner of Republic Plaza.

Shares of CDL were trading S$0.03 or 0.4 per cent higher at S$8.06 as at 4.24pm on Wednesday. (see amendment note)

Amendment note: A previous version of this story incorrect stated the trading price of CDL.