Reed Smith advises NatWest Markets as lead arranger and facility agent on Carlyle’s EUR2.3 billion ESG-linked credit facility
Global law firm Reed Smith today announced that it represented NatWest Markets on its role as lead arranger and facility agent for Carlyle (NASDAQ: CG) on a EUR2.3 billion environmental, social, and governance (ESG)-linked credit facility for its European private equity and real estate platform.
The facility was formed to support Carlyle’s 30 per cent board diversity target, to tackle climate change by having more accurate and comprehensive measurements of greenhouse gas emissions across all portfolio companies, and to improve ESG outcomes through better governance by providing ESG-competent board training for all Carlyle board directors.
The Reed Smith team that advised NatWest Markets was led in London by partner and co-head of the firm’s funds finance team, Leon Stephenson, supported by associates Chu Ting Ng, Natalie Sharkey, Sophie Devlin, Helen Penwill, and Kyrstin Streeter, trainees Celine Collis and Nadia Macci, and sigma law specialist Pavle Jovic. Counsel Jim Lawlor and partner Ilene Froom worked on the US specific aspects of the transaction.
“This is a significant subscription line facility in the market and one of the largest ESG focused funds finance facilities to have been worked on in recent years,” says Stephenson. “Our funds finance team is delighted to have been involved in such an important transaction and to have partnered with NatWest Markets, the bank syndicate, and Carlyle.”
Reed Smith’s global funds finance practice is one of the largest in the world, having represented most of the UK, European and US financial institutions in this area, and continues to expand and adapt quickly as the funds finance market develops.