Oceania Innovates With The Implementation Of A $500m Sustainability-Linked Loan | Scoop News – Scoop

Wednesday, 29 June 2022, 10:26 amPress Release: Oceania Group

Oceania has implemented a $500 million five-yeardebt-facility, its first sustainability-linked loan. Thismeans that over two thirds of Oceanias debt-funding isnow tied to ambitious environmental and socialsustainability goals.

The funding will go towardsdelivering Oceanias business growth strategy, enablingOceania to accelerate its development pipeline and grow thebusiness through organic and inorganic opportunities, at thesame time as enhancing the resident experience and buildingits people capability.

Oceanias business strategyis underpinned by a commitment to sustainability, usingmeasures and goals to benchmark environmental, social andgovernance (ESG) aspects. The five-year loan will commitOceania to certain year-on-year targets to qualify for theloan interest discount, and penalty interest can be incurredif targets are not met.

Asustainability-linked loan is an important step inOceanias sustainability journey and it is encouraging tohave wellbeing and resident experience as the hallmark ofour social metric, said CEO Brent Pattison.

Oceaniais striving for excellence in both clinical best practiceand resident wellbeing. This loan encourages us to go evenfurther with our model of care excellence and help us toachieve our ambition of being the leader in the delivery ofresident-centred retirement and aged care living in NewZealand.

As evidence of climate change becomesmore apparent, we must take responsibility and implementinitiatives to reduce greenhouse gas emissions. We arecommitted to reducing our controllable emissions throughongoing measurement, an emissions reduction plan and workingtowards becoming science-based target verified, headded.

Oceanias CFO Kathryn Waugh said linking theloan to sustainability goals and measures is testament toOceanias commitment to sustainable growth.

Weknow that ESG is important to our people, our residents andour stakeholders. We wanted to link our borrowings to oursustainability vision and commitments so we can drive ourperformance even further and with greaterambition.

ANZ is the sole mandated lead arrangerand sustainability coordinator for Oceaniasloan.

ANZ Head of Sustainable Finance Dean Spicer,congratulated Oceania on linking its borrowings toenvironmental and social goals.

The KPIs willprovide a roadmap for sustainable investment, while alsoproviding a financial incentive to hit targets. Weredelighted to be on this journey with Oceania as they strivefor even greater sustainability in their operations, hesaid.

The establishment of a meaningful measurementof care residents wellbeing is an important developmentfor the sector. Social impact is challenging to quantify,and by including this holistic assessment of social,physical and psychological wellbeing, Oceania is furtherencouraged to support improvements in residentexperience, he added.

Accountancy firm Ernst &Young provided limited assurance over the KPIs and loansustainability performance targets against internationallyrecognised Sustainability-Linked Loan Principles.

TheLenders to the syndicated facility included ANZ, ASB andICBC.

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Oceania Innovates With The Implementation Of A $500m Sustainability-Linked Loan | Scoop News - Scoop