Clifford Chance Acted in Sustainability-Linked Perpetual (SLP) Securities Offering
Clifford Chance Acted in Sustainability-Linked Perpetual (SLP) Securities Offering
Leading global law firm Clifford Chance has guided DBS Bank, HSBC, Standard Chartered Bank, and UOB as lead managers in a landmark sustainability-linked perpetual (SLP) securities offering for STT GDC Pte. Ltd. (STT GDC), one of the world's fastest-growing data centre giants. The S$450 million offering marks a significant milestone in both sustainable finance and the data centre industry.
STT GDC's innovative offering breaks new ground in the financial world on multiple fronts. It marks the first-ever Singapore dollar-denominated sustainability-linked perpetual, a pioneering step for sustainable finance in the region. It also represents the debut public perpetual by a pure-play data centre company globally, demonstrating the growing importance of this sector and its commitment to long-term sustainability.
Fuelled by a commitment to greening its operations, the perpetual securities roadmap is firmly rooted in STT GDC's ambitious sustainability goals. Issued under their S$1.5 billion programme published by the International Capital Market Association is tied to measurable environmental ambitions. Aligned with the ICMA's principles, they directly support the company's quest for carbon neutrality by 2030, with key milestones like a 60 per cent renewable energy transition by 2026.
Partner Gareth Deiner spearheaded the transaction, ably supported by counsel Ying Chiang Chong, senior associate Claire Neo, associate Joel Sherard, and trainee associate Yasmin Yousoof.
“This transaction demonstrates how public markets can offer the depth, reach, and flexibility needed for a sustainable finance solution. It combines the advantages of renewable energy and the necessity of carbon transition with the economic imperatives of digital transformation in the real economy. We would like to congratulate STT GDC and their investment banking advisers on this groundbreaking achievement in the Asia-Pacific capital markets and sustainable finance,” lead partner Gareth said.
As a global data centre powerhouse driving the digital revolution, STT GDC prioritises sustainability alongside rapid expansion. Its cornerstones scattered across 10 countries - Singapore, the United Kingdom, Germany, India, Thailand, South Korea, Indonesia, Japan, the Philippines, and Malaysia - serve as pillars of the digital ecosystem while supporting local and international growth across diverse industries.
Cementing its position as a leader in sustainable finance, Clifford Chance has played a pivotal role in shaping several landmark deals across the region. From orchestrating the world's largest Orange Bond with Impact Investment Exchange to facilitating South East Asia's first public sustainability-linked bond issuance by Surbana Jurong Group and Bayfront Infrastructure's US$410 million infrastructure asset-backed securities, Clifford Chance consistently brings its expertise to the forefront of green finance initiatives.
