Mayer Brown represented the West Kowloon Cultural District Authority (the Authority), as borrower, in its inaugural HK$4 billion syndicated sustainability-linked loan (SLL) facilities.  The Authority is a statutory body established by the Hong Kong government to develop the West Kowloon Cultural District, a 40-hectare land dedicated for arts and cultural venues.

The SLL, which consists of term and revolving credit facilities, is the first of its kind amongst statutory bodies and arts and cultural institutions in Hong Kong. Under the terms of the SLL, the Authority will receive a tiered discount rate on the interest margin throughout the loan tenure if it achieves pre-determined ESG targets. 

"To have represented the Authority, as a borrower, in its first sustainability-linked loan is a strong vote of confidence in Mayer Brown's leadership in the new realm of the emerging green loan markets," said Francis Chen, Banking & Finance partner in Hong Kong.  Mayer Brown is one of the few global law firms with a strong presence in advising green and sustainability-linked loan transactions across various industries in the United States, Europe and Asia.

Mr. Chen led the Mayer Brown team in this transaction, which included partner Alvin Yeung and associate Christopher Ng (all Hong Kong).