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NYK secures $81 million loan from banks for scrubber installations

21 Mar 2019

Japanese shipping company NYK on Wednesday (20 March) entered into a 9 billion yen (US $81 million) syndicated loan agreement in which the proceeds will be used solely for the purpose of funding scrubber installations.

This syndicated loan is the first “ESG (environmental, social, and governance) management support loan” for MUFG Bank and Mitsubishi UFJ Research and Consulting Co. Ltd.(MURC).

The remaining financial institutions involved in the loan included Aichi Prefectural Federation of Agricultural Cooperatives, Shinkin Central Bank, The Nishi-Nippon City Bank, Ltd., The Hiroshima Bank Ltd., The Musashino Bank Ltd., and The Yamaguchi Bank Ltd.

“This is Japan’s first syndicated loan to be certified by Japan Credit Rating Agency Ltd. (JCR) with its highest ranking of “Green 1,” thus demonstrating the loan to be aligned with the core components of the Green Loan Principles,” it says.

“NYK’s medium-term management plan includes the group’s intent to integrate ESG initiatives into management strategy by establishing new medium- to long-term environmental targets.

“To achieve these goals, NYK was the first company in the global shipping industry to issue labelled green bonds, and after that achievement in March 2018 the company received a green loan from Taiyo Life Insurance Company in December 2018.

“This new syndicated loan agreement is the third form of green financing for NYK for a total of over 20 billion yen.”

Photo credit: NYK
Published: 21 March, 2019

 

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