Advancing Australia’s Transportation Sector Transition

Commonwealth Bank (CBA) today announced its leadership in a $190 million syndicated structured asset-backed lending facility for Team Global Express (TGE). This initiative aims to meet increasing consumer demands for environmentally friendly logistics solutions amid a surge in national delivery needs.

The financing is earmarked to bolster Team Global Express’ fleet investments, particularly in procuring lower-emission vehicles. This move aligns with Team Global Express’ commitment to helping its customer base reduce Scope 3 emissions.

CBA led the transaction, leveraging its structuring and distribution expertise, alongside partners including IFM Investors, Daimler Truck Financial Services, Income Asset Management, and the Clean Energy Finance Corporation (CEFC). Legal advisory support was provided by G+T and Lander & Rogers for lenders and Team Global Express respectively.

Andrew Hinchliff, CBA Group Executive Institutional Banking and Markets, emphasized CBA’s dedication to supporting initiatives that advance Australia’s net-zero ambitions. He highlighted the pivotal role of the transport sector in achieving sustainability goals through the adoption of lower-emission vehicles.

Christine Holgate, CEO of Team Global Express, expressed gratitude for CBA’s ongoing partnership, underscoring their joint efforts in transforming Australia’s logistics landscape. She emphasized Team Global Express’ comprehensive operational footprint across air, road, rail, and sea, noting the funding’s crucial role in integrating their network and introducing new sustainable products and services nationwide.

Holgate reiterated Team Global Express’ commitment to sustainability, citing their recent rollout of Australia’s largest logistics electric vehicle fleet, a project supported significantly by CBA’s partnership.

The transaction not only signifies progress in Australia’s private debt market but also underscores CBA’s expertise in addressing customer needs through structured financing solutions.

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