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Westpac supports Estia Health Limited with $330 million sustainability linked loan

29 October 2021


Westpac is proud to announce the structuring of a A$330m syndicated sustainability-linked loan (SLL) for Estia Health Limited (ASX:EHE) (Estia).

Estia is one of Australia’s largest residential aged care providers, operating homes in Victoria, South Australia, New South Wales and Queensland.

Westpac was the sole sustainability coordinator for the transaction.

Estia’s SLL has embedded targets for improved sustainability performance, aligned with the three pillars of its sustainability strategy, including:

  • Reduction in greenhouse gas emissions
  • Improved customer engagement and satisfaction
  • Supporting employee wellbeing
  • Improving the environmental performance in alignment with the recently launched NABERS rating for Residential Aged Care.


Eliza Mathews, Westpac Head of Sustainable Finance said: “We’re pleased to partner with Estia, which is one of the first Australian residential aged care providers to transition to a sustainability-linked loan.

“Estia’s leadership team was deeply engaged throughout the process, ensuring they set ambitious targets that will drive further sustainability improvement throughout the business over the life of the loan.

“They have adopted new and innovative goals, such as the NABERS new rating for Residential Aged Care, which sets a new standard for the industry. We are pleased to provide financing that supports continued improvement in these key sustainability areas.

“More broadly, this is an exciting opportunity for the market, and Westpac is proud to support customers who are actively seeking to connect their sustainability objectives with their financing requirements.” Ms Mathews said.

Estia’s CFO Mr Steve Lemlin said:  “Partnering with our long-term bankers Westpac, who were side by side with us in this process, helped ensure we aligned to best market practice. Setting meaningful and ambitious targets is an important demonstration of our commitment to sustainability”.

Globally, Sustainable Finance issuance is at an all-time high, as September 2021 year to date (YTD) issuance surpassed US$1.1tn (September 2020 YTD US$449bn).

The growth story is also taking place in the Australian and New Zealand market, with Sustainable Finance issuance for the 9 months to September 2021 quadrupling the same time last year (US$27bn September 2021 YTD vs $US6bn September 2020 YTD). There has been strong growth across all sustainable products with Social Bonds, Green Bonds, Green Loans and Sustainability-Linked Loans all at least tripling in value from Q3 2020 YTD. (All data sourced from Bloomberg NEF).

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