Bangkok, Thailand – 3 April 2024 – Indorama Ventures Public Company Limited, a global sustainable chemical producer, today announced it raised $255 million through a sustainability-linked Ninja loan with international financial institutions. The refinancing was achieved at lower spreads than the previous issuance in 2020.

The Ninja loan, which is a syndicated loan arranged in Japan for foreign companies, was arranged by Mizuho Bank, one of Japan’s largest banks. It features a bullet repayment schedule over five years to March 2029, linked to Indorama Ventures’ post-consumer PET input into recycling and Scope 1 and 2 GHG emission intensity targets. The transaction achieved margin savings against the previous issuance, and the proceeds will be used as part of the company’s program to refinance $750 million for 2024 and $400 million for 2025, to be completed in 1H24.

Under its IVL 2.0 business strategy, announced on 5 March, Indorama Ventures is strengthening its capital structure in a prolonged environment of higher interest rates by deleveraging its business and optimizing operations to enhance earnings. On 14 March, the company said it raised THB 10 billion through an issue of Thai baht-denominated debentures to institutional and high-net-worth investors at lower spreads than the company’s previous issuance in May 2023.

Mr. DK Agarwal, Deputy Group CEO and Group CFO at Indorama Ventures, said, “We are pleased to secure this successful refinancing, following our debenture issuance last month. These transactions reflect our stakeholders’ confidence in our financial stability and responsible management in a higher interest rate environment. Their support is instrumental to securing our liquidity needs, ahead of schedule, through a diversified financing approach.”