White Oak Global Advisors acted as sole lender and administrative agent to provide a $30 million senior credit facility to Danimer Scientific Holdings, a manufacturer of specialty compostable and biodegradable plastics.

This transaction expands on White Oak’s ESG-lending platform, which aims to finance small and medium-sized enterprises that are developing solutions to help address environmental and social issues around the world.

“Institutional investors are increasingly focused on meeting ESG standards, but it has become more difficult to find yield among standard public and private equity ESG strategies. White Oak is unique in its approach to source ESG credit opportunities, and we are proud to be partnering today with Danimer in this capacity. This is but one example of where White Oak has brought to bear its ability to structure loans that support SME companies for their commitment to ESG,” said Andre Hakkak, co-founder and CEO of White Oak.

Danimer develops and manufactures customer-specific compostable and biodegradable plastics based on different product technologies. Their bioplastics are replacements for many of today’s traditional petroleum-based plastics. The proceeds of the financing will be used to repay existing debt and provide additional growth capital.

“We are grateful to have found a partner in White Oak, which took the time to understand the benefits that Danimer’s products are bringing to markets around the world, and to provide a tailored financing structure that recognizes the social good of our mission and will enable us to continue to execute against our strategies,” said Danimer Scientific CEO Stephen Croskrey.