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Dealflow: JetBlue’s sustainability-linked bond, Town Hall Ventures’ second fund, $65 million for economic mobility



Greetings! Here’s the latest impact investing deal news.

BNP Paribas closes sustainability-linked loan with JetBlue Airways. The margin JetBlue pays on its loan from the French bank will fluctuate with the airline’s environmental, social and governance score. JetBlue earlier this year announced that its domestic flight operations would be carbon neutral. The sustainability-linked loan amends an existing $550 million revolving credit facility. “Our owners, many of whom are also crew members, want to see how ESG initiatives are connected to our financials,” said JetBlue’s Sophia Mendelsohn. Performance will be rated by ESG-research firm Vigeo Eiris.

  • Sustainable finance landscape. The “sustainable debt” market is likely to surpass $400 billion this year, according to S&P Global Ratings. European banks lead all green-labeled issuances. BNP Paribas closed a sustainability-linked syndicated credit facility earlier this month with professional services firm WSP Global. Last month, the bank closed an incentive-linked corporate revolving credit facility with Canada’s Brookfield Renewable Partners.
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Town Hall Ventures raises $260 million second healthcare fund. New York-based firm led by Andy Slavitt, the former head of the Center for Medicaid and Medicare Services, and Oxeon Ventures partners Trevor Price and David Whelanfocuses on healthcare solutions for underserved communities. Town Hall’s first fund backed more than a dozen companies, including Unite Us to connect individuals and communities to supportive services.

Rockefeller Foundation commits $65 million to boost economic mobility for low-wage workers. The new Equity and Economic Opportunity Initiative will support proven economic policies like the Earned Income Tax Credit and Child Tax Credit and seek to mobilize responsible investments in Opportunity Zones in a dozen cities and the District of Columbia. Rockefeller aims to catalyze more than $1 billion in private capital and more than 8,000 living-wage jobs by 2025.

–Feb. 26, 2020

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