Cases & Deals

ING Capital and ING Bank amend existing facility agreement for financing purchase of shopping center located in Northern Italy

Clients ING Capital LLC and ING Bank N.V., Milan Branch

Jones Day advised ING Capital LLC and ING Bank N.V., Milan Branch in connection with an amendment to an existing facility agreement for financing the purchase of a shopping center located in Northern Italy granted by ING Bank N.V., Milan branch, as mandated lead arranger, agent, and original lender, to an Italian spv, as borrower. Such amendments are aimed inter alia at implementing certain green loan covenants to make the loan qualified as Sustainable Link Loan for the purpose of Green Loan Principles issued by the Loan Market Association as of May 2020, including (i) the delivery and the maintenance of energy performance certificates, and (ii) a margin ratchet linked to certain sustainability requirements related to the energy performance of the mortgaged property based on BREEAM In-Use Certification.