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ARTICLE · 19 MAY 2023

SLL Facilities In Latin America

Mayer Brown
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In recent years, we have seen an ever increasing number of lending transactions focused on promoting ESG in Latin America, such as green loans, social loans, sustainability loans and Sustainability-Linked Loans ("SSLs").

United StatesFinance and Banking
Juan Pablo Moreno
Juan Pablo Moreno
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General Background

In recent years, we have seen an ever increasing number of lending transactions focused on promoting ESG in Latin America, such as green loans, social loans, sustainability loans and Sustainability-Linked Loans ("SSLs"). This article focuses on the SLLs in Latin America.

What are SSLs, and why are ESG-related products becoming popular in Latin America?

Unlike plain-vanilla sustainability loans, which focus on the underlying proceeds of the loans (e.g., the financing of any ESG-related matter), SLLs are loan instruments first used in 2017 as a means to incentivize a borrower to comply with certain sustainability performance targets ("SPTs") that are both predetermined and measured by predefined key performance indicators ("KPIs").1 Contrary to green (or plain-vanilla sustainable) loans, SLLs are not only concerned with specific uses of the loan proceeds. Instead, SLLs take a more holistic approach to the borrower's business, incentivizing the

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