A&L Goodbody advises IPUT on largest green Revolving Credit Facility in the Irish real estate market

A&L Goodbody (ALG) advised leading Irish property company IPUT plc on a new and upsized €300m revolving credit facility (RCF) with Wells Fargo Bank N.A. which included one of the first green RCFs in the Irish market.

The €200m green component, representing the largest green facility in the Irish real estate market, will be used by IPUT to finance projects which meet a defined set of sustainability criteria under IPUT's newly established Green Finance Framework. The framework is based on the Loan Market Association's Green Loan Principles.

ALG's Finance team also advised IPUT on its €200m senior secured notes offering on a private placement basis in the US.

A cross-practice approach was a key element of this deal. Ciarán Rogers (Head of Finance), Brian McDermott (Head of Asset Management & Investment Funds) along with Michelle Daly (Senior Associate), Robbie O'Driscoll (Senior Associate), and Caitriona O'Dwyer (Solicitor) advised IPUT on the drafting and negotiation of the RCF and the Green Finance Framework and the negotiation of its senior secured notes offering.  

Ciarán Rogers, Head of Finance, commented "IPUT is a market leader in Irish commercial real estate investment with a widening focus on the greening of its buildings. We are very pleased to assist IPUT in its increasing green focus through this innovative and market-leading transaction. Green financing is continuing to grow and become ever more important and we are delighted to be at the forefront of these developments in Ireland."

Date published: 4 June 2020