Glenmark raises industry's first sustainability-linked loan of USD 228 million

In the industry's first, pharmaceutical major Glenmark has raised USD 228 million in sustainability-linked loan (SLL) from a consortium of foreign lenders, led by Bank of America.

Bank of America, the sole underwriter of the entire loan, has extended USD 50 million, and Cincinnati, Ohio-based Fifth Third Bank chipped in with USD 30 million, the company said.

"We have raised an SLL of USD 228 million under the ECB (external commercial borrowing) category at a significantly lower cost to refinance its existing ECB debt. This we believe is the first SLL loan by a domestic pharmaceutical company," Glenmark Executive Director and Chief Financial Officer VS Mani told.