White & Case advises DIC Asset AG on further issue of sustainability-linked promissory notes

Global law firm White & Case LLP has advised DIC Asset AG on a further issuance of sustainability-linked promissory notes (Schuldscheindarlehen) with a volume of €100 million. 

The weighted average annual interest rate of the notes is 3.56%, the average maturity is 3.6 years and the individual tranches have a term of three and five years.

Due to the ESG-linked mechanism of the promissory notes, the interest rate on the various tranches can change by 5 basis points. Decisive to this is the green building share in the existing property portfolio (Commercial Portfolio). If this share rises to 20% or more on the pre-determined observation dates, the interest rate for subsequent interest periods will decline by 5 basis points. The rate will remain unchanged if the share is between 15% and 20%. If it remains below 15%, the interest rate will step up by 5 basis points. 

White & Case previously advised DIC Asset AG on its first issuance of sustainability-linked promissory notes (Schuldscheindarlehen) in April 2021.

The White & Case team in Frankfurt which advised on the transaction included partner Karsten Wöckener and associate Florian Fraunhofer.

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