Hospitality and hotel firm Minor International Public Company (MINT) has completed a €500 million (US$534.3 million) syndicated sustainability-linked loan (SLL) refinancing, setting a precedent as the first loan of its kind within Thailand’s tourism and leisure sector.

Proceeds will be used to refinance existing syndicated facilities and support the firm’s growth across the region.

The transaction has attracted strong interest from 19 prominent banks, ultimately generating strong demand that approached the €1 billion mark, more than double the intended target. The syndication demonstrates, the company says, the market’s trust in its prospects, allowing it to secure long-term liquidity while also optimizing its average cost of debt.

The SLL has direct links to the company’s achievement of key performance indicators (KPIs) on sustainability, among them, the enhancement of the environmental performance of its hotels by reducing Scope 1 and 2 greenhouse gas (GHG) emissions and water withdrawal intensities.

Standard Chartered Bank (Singapore) and Sumitomo Mitsui Banking Corporation Singapore Branch acted as the mandated lead arrangers and sustainability coordinators.

“Our unwavering commitment to sustainability and responsible practices is not just a corporate responsibility; it's a moral obligation,” says Dillip Rajakarier, group CEO of MINT. “This SLL serves as a reaffirmation of our dedication to make positive changes, not only within our operations, but hopefully throughout the entire industry.”