Bicycle producer Giant Manufacturing converted a $40 million revolving credit facility into a green loan, allocating the use of proceeds to clean transportation in its first-ever green financing.

Having now been able to allocate its core business of sustainable mobility under the green category of clean transport Giant views this as a demonstration of its commitment to raising the industry bar with regards to dedication to environmental stewardship, social advocacy and ethical conduct.

Giant Manufacturing's key environmental, social and governance initiatives include reducing carbon emissions of its own production and promoting sustainable transportation.

"Giant in the manufacturing of bicycles is inherently encouraging cycling over private and public transport, thus greener in nature," commented one Environmental Finance Awards judge.

"As a world leader in the bicycle industry, Giant is committed to producing an environmentally friendly means of transport in a low-emission manner," added another.

ING acted as sustainability adviser and designed a customised green loan structure for Giant ensuring alignment with the Green Loan Principles.