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Fried Frank-Counseled Deal Wins Green/Sustainable Loan of the Year at IFR Awards

Accolades | December 13, 2019

IFR selected MASMOVIL Group’s launch of a cov-lite term loan B as the Green/Sustainable Loan of the year in the ESG category at its annual IFR Awards ceremony. Now in its 25th year, the IFR Awards honor achievements and high performance over the past 12 months in the capital markets sector.
The €1.7 billion transaction, on which Fried Frank served as co-counsel to MASMOVIL, involved a revolving credit facility and capex line that included a margin ratchet based on an Environmental, Social, and Governance (ESG) rating from a third-party provider. This marks the first time a borrower in Europe has incorporated the ESG criteria into a leveraged loan.
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