Ashurst advised on Shagang Group's first sustainability linked loan

Global law firm Ashurst acted for Strategic IDC Limited as a borrower in a HK$5,600 million syndicated sustainability-linked loan, arranged by China Citic Bank International Limited and SC and guaranteed by its parent company, Jiangsu Shagang Group Co., Limited. The loans are used to refinance the loans used for the acquisition of Global Swich, a multinational data centre operator.

This is Shagang Group's first sustainability-linked loan and also the first offshore sustainability-linked loan in the Chinese steel industry.

Shagang Group is the largest private steel enterprise in China and is one of the leading steel enterprise in the world, the 7th biggest in the World Steel Ranking List and is one of the World's Top 500.

The transaction was led by partner Daniel Lau, supported by Katherine Huang, Wing Cheng and Rachel Mo.