03 Oct 2023
QUEENSLAND, AUSTRALIA – Plenary Group has completed a $180 million refinancing of the Queensland Schools project.
The deal comprises a tranched 5-year and 10-year senior debt solution with leading domestic bank NAB the sole mandated lead arranger.
Plenary Executive Director, Origination James Dixon said undertaking the refinancing in a challenging market environment highlights the quality of the project and demonstrates the confidence debt markets have in Plenary’s approach.
“Our knowledge of this project, having been actively involved as asset manager for 10 years now, has allowed us to achieve a positive refinancing outcome despite the challenging interest rate environment,” Mr Dixon said.
“This strong result highlights the value we are able to add to public infrastructure as a long term investor and financial arranger.”
The $1.52 billion public-private partnership saw the Plenary Group-led Plenary Schools consortium partner with the Queensland Government to deliver and maintain for 25 years 10 new schools across southeast Queensland.
Plenary Schools financed, designed, constructed and commissioned the schools and is now providing asset and facilities management services for a further 25 years.
A cornerstone of the Queensland Government’s strategic plan for education, the project has played a key role in meeting the unprecedented demand for education in the state.
The refinancing follows the $200 million refinancing of the project in 2018, and adds to Plenary’s capability as financial arranger in the Australian infrastructure sector that also included the $400 million Victorian Comprehensive Cancer Centre refinancing, $400 million Toowoomba Bypass refinancing and $646 million Peninsula Link refinancing.
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