Emperador secures €300-M sustainability-linked loan
EMPERADOR, INC. said on Tuesday that it secured a €300-million sustainability-linked loan to refinance debt of its wholly owned subsidiary Emperador International Ltd.
“This SLL (sustainability-linked loan) serves as a milestone for the company, and an encouragement to continue operating sustainably,” Emperador Chairman Winston S. Co said in a statement on Tuesday.
Emperador and its unit Emperador Distillers, Inc. agreed to guarantee the refinancing facility.
A group of banks arranged the facility, with Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), Singapore Branch, Bank of China (Hong Kong) Ltd., and DBS Bank Ltd. acting as mandated lead arrangers, underwriters, and bookrunners.
BBVA and Bank of China will also serve as sustainability coordinators for the transaction.
The loan is tied to two targets: reducing Scope 1 and 2 greenhouse gas emission intensity and increasing the use of renewable electricity.
“Liquor production is a very energy-intensive process and EMI has been taking responsibility to reduce its impact on the environment,” the company said.
The company said it has invested in projects to reduce its carbon footprint, including a bioenergy center and carbon capture facility in Invergordon, a biomass boiler in Jura, and renewable electricity contracts across its operations in Scotland. It also uses renewable electricity and solar panels at facilities in the Philippines, Spain, and Mexico.
The company said the transaction marks its first sustainability-linked loan.
Emperador is a spirits company listed on both the Philippine Stock Exchange and the Singapore Exchange.
It has manufacturing operations in the Philippines, the United Kingdom, Spain, and Mexico, with a distribution network spanning around 100 countries.
Its portfolio includes Emperador Brandy, Fundador Brandy, and single malt whiskies such as The Dalmore, Fettercairn, Jura, and Tamnavulin.
At the local bourse on Tuesday, Emperador shares rose by 0.13% to P15.40 apiece. — Alexandria Grace C. Magno
