Commercial, Finance, Sourcing Renewables  -  May 31, 2024

Phoenix Tower International Converts to Sustainability-Linked Loan

Phoenix Tower International (PTI), a global wireless communications infrastructure provider, announced the conversion of €1.2 billion credit facilities into a sustainability-linked loan. 

The facilities will support the company’s growth in the future in providing critical and energy-conscious tower infrastructure to new and existing markets globally. 

The SLL was structured in alignment with the Sustainability-Linked Loan Principles as governed by the Loan Market Association, Asia Pacific Loan Market Association, and Loan Syndications and Trading Association.  ING acted as joint mandated lead arranger, bookrunner and sole sustainability coordinator for this deal.

Following the close of the €1.2 billion European credit facilities in September 2023, PTI successfully amended the financing into a SLL, maturing in September 2030. This SLL marks a significant milestone in PTI's sustainability journey and features three key performance indicators (KPIs): a decrease in Scope 1 and 2 GHG intensity per site together with Scope 3 GHG disclosure; enhancement in the GRESB score following the GRESB Infrastructure Asset Assessment methodology and; expansion in the number of lit sites converted to LED or entirely solar lighting.  

"As we continue to grow our business, we are focused on creating a more sustainable path to providing wireless tower infrastructure to communities and countries in need of greater connectivity in the most efficient and environmentally friendly way possibly," said Dagan Kasavana, Chief Executive Officer of PTI, in a statement. "As long-term owners of wireless infrastructure, we have an opportunity to lead on this important topic and we know that's important to our clients, the communities we do business in and the industry as a whole. That's why we set high standards for ourselves and why we've committed to this Sustainability-Linked Loan."