Macquarie fiber Mexico reported obtaining a credit line bank for 425 million dollars, linked to sustainability investments.
Through the information sent to the investing public, the trust detailed that this resource of the financing will promote the inclusion of Environmental, Social and Governance (ESG) metrics in all its business lines, for example, financing.
The credit consists of 180 million dollars of a financing non-amortizable over five years, while the other 245 million dollars belong to a credit line also revolving for five years, but of which 65 million are subject to a variable rate, depending on compliance with the application of sustainable criteria.
“The credit agreement includes a KPI (key performance indicator) linked to sustainability linked to sustainability that is aligned with the objective of FIBER Macquarie to increase the coverage of its properties certified as sustainable buildings”, was described in the document sent to the Mexican Stock Exchange (BMV).
“To the extent that Fibra Macquarie achieves its annual objective to reach 40% coverage certified as a sustainable building in the ABA (gross leasable area) of its industrial portfolio by the end of 2026, FIBRA Macquarie will receive the benefit of a reduction of five basis points in the applicable margin, otherwise an increase of 5 basis points in the applicable margin will be applied”.
Punctual evaluations
The first evaluation of compliance with sustainability goals will be next December 31 of this year to adjust the conditions of the credit in 2023.
The operation scheduled to close on April 5 corresponds to the refinancing of a credit line existing, which will serve to pay outstanding balances of a credit line maturing in April 2024, which will improve the debt profile.
“The new one credit line It will offer better economic conditions, including lower margins, and will not have commissions for extension or programmed increases in margins during the term of the credit”, informed Macquarie.
At the end of 2021, the Fibra Macquarie portfolio was made up of 236 industrial properties and 17 commercial and/or office buildings located in 16 entities in Mexico.