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Wholesale Banking

Phoenix Tower International successfully converts financing into a sustainability-linked loan

Phoenix Tower International (“PTI”), a leading global wireless communications infrastructure provider, recently announced the conversion of €1.2 billion credit facilities into a Sustainability-Linked Loan (“SLL”). The facilities will support PTI’s future growth in providing critical and energy conscious tower infrastructure to new and existing markets around the world.

ING acted as joint mandated lead arranger, bookrunner and sole sustainability coordinator for this deal. The SLL was structured in alignment with the Sustainability-Linked Loan Principles as governed by the Loan Market Association, Asia Pacific Loan Market Association, and Loan Syndications and Trading Association.  

Following the close of the landmark €1.2 billion European credit facilities in September 2023, PTI successfully amended the financing into a SLL, maturing in September 2030. This SLL marks a significant milestone in PTI's sustainability journey and features three key performance indicators (KPIs):

  1. Decrease in Scope 1 and 2 GHG intensity per site, together with Scope 3 GHG disclosure;
  2. Enhancement in the GRESB score following the GRESB Infrastructure Asset Assessment methodology;
  3. Expansion in the number of lit sites converted to LED or entirely solar lighting.  

“As we continue to grow our business, we are focused on creating a more sustainable path to providing wireless tower infrastructure to communities and countries in need of greater connectivity in the most efficient and environmentally friendly way possibly,” said Dagan Kasavana, Chief Executive Officer of PTI. “As long-term owners of wireless infrastructure, we have an opportunity to lead on this important topic and we know that’s important to our clients, the communities we do business in and the industry as a whole. That’s why we set high standards for ourselves and why we’ve committed to this Sustainability-Linked Loan.”  

“ING supports clients to be a step ahead in Digital Connectivity, and are proud to witness PTI expand its leadership also in sustainability,” said Ana Carolina Oliveira, ING head of Technology, Media & Telecom / Healthcare Americas. “This deal is a testimony to PTI’s commitment in advancing its sustainability initiatives by linking its financing to a comprehensive set of material KPIs,”  further added Suleyman Kilci, Vice President Sustainable Finance at ING Americas.

“We have set a new standard in the tower infrastructure sector with this Sustainability-Linked Loan, and in the process, reinforce our commitment to environmental sustainability,” said Michael Bremer, Chief Financial Officer of PTI.

About Phoenix Tower International

PTI, through its subsidiaries, owns and operates over 25,000 telecom towers throughout Europe, North America, Latin America and the Caribbean. In Europe, PTI is present in several countries including France, Italy, Ireland, Germany, Malta and Cyprus.

PTI was founded in 2013 with a mission to be a premier site provider to wireless operators across the world in high-growth markets. PTI's investors include funds managed by Blackstone, Grain Management, BlackRock, WrenHouse and USS and is headquartered in Boca Raton, Florida. For more information, please visit

About ING Americas

ING Americas is the brand name of ING's wholesale business in the Americas region, and a part of ING Group N.V. ("ING"), a global financial services company of Dutch origin with a network spanning 40 countries. ING has more than 58,000 employees and offers financial services to customers in over 40 countries.

ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

Sustainability is an integral part of ING's strategy, evidenced by ING's leading position in sector benchmarks. ING's Environmental, Social and Governance (ESG) rating by MSCI was affirmed 'AA' in September 2022. As of August 2022, Sustainalytics considers ING's management of ESG material risk to be 'strong', and in June 2022 ING received an ESG rating of 'strong' from S&P Global Ratings. ING Group shares are also included in major sustainability and ESG index products of leading providers Euronext, STOXX, Morningstar and FTSE Russell. ING Americas offers a full array of wholesale financial products, such as commercial lending, corporate finance as well as financial markets, products, and services.