Glenmark Pharmaceuticals has raised $228 million in sustainability-linked loan (SLL) from a consortium of foreign lenders, led by Bank of America. The five-year loan is priced at 175 basis points (bps) over the London interbank offered rate, or Libor which is being replaced by the SOFR, or the secured overnight financing rate. The SOFR is the benchmark interest rate for dollar-denominated derivatives and loans that is replacing the scam-ridden Libor.
Glenmark Pharmaceuticals is a global research-led pharmaceutical company with presence across Generics, Specialty and OTC business with operations in over 50 countries.