Plenary completes $646 million Peninsula Link refinancing

NewsPlenary completes $646 million Peninsula Link refinancing
The brand logo
Aus and NZ

Australia and New ZealandTransport

08 Oct 2018

MELBOURNE, VICTORIA – Leading infrastructure investor, developer and manager Plenary Group has completed a $646 million refinancing of the Peninsula Link public-private partnership.

The debt structure involves two tranches, including the introduction of a 10-year tranche – double the tenor of the existing facility – helping mitigate refinancing risk for the equity investors represented by AMP Capital and Whitehelm Capital.

All eight existing banks – including all four major domestic banks and four leading international banks – participated in the refinance, highlighting the compelling outcome Plenary was able to achieve.

Plenary Head of Origination Paul Crowe said the refinancing was Plenary’s first external financial advisory mandate and a great outcome for both the Victorian Government and the investors.

“The highly-competitive pricing and tenor we achieved mitigates refinancing risk for the project and reflects the strength of our relationships in financial markets, our structuring capability, and our deep understanding of PPPs,” Mr Crowe said.

“We look forward to continuing to demonstrate our capabilities in this space as more governments and investors look to refinance their infrastructure assets.”

The refinancing adds to Plenary’s proven capability as financial adviser in the Australian roads PPP sector following its work as financial adviser on the $1.8 billion Western Roads Upgrade and $1.6 billion Toowoomba Second Range Crossing projects.

About Peninsula Link

Peninsula Link (pictured) is a 27-kilometre toll-free road between Carrum Downs and Mount Martha in Melbourne’s southeast.

Opening to traffic in January 2013 it significantly reduced congestion on key traffic routes through Frankston and the Mornington Peninsula, particularly during peak periods.

In 2010, the Victorian Government contracted the Southern Way consortium under an availability-based public-private partnership to finance, design, construct, operate and maintain the roadway for 25 years.

In 2016, Plenary took over the asset management role on behalf of the Southern Way.

Chris Whitefield

Executive Director, Communications and Community

Contact via email

Related news

2023 Southern Way McClelland Commission announced image

2023 Southern Way McClelland Commission announced

MELBOURNE, AUSTRALIA – Artist Natasha Johns-Messenger has been awarded the 2023 Southern Way McClelland Commission for her dynamic…

Australia and New Zealand

12 August 2022

Peninsula Link parades its new set of pearls image

Peninsula Link parades its new set of pearls

MELBOURNE, AUSTRALIA – Melbourne’s Peninsula Link freeway has another artistic addition, with a new freeway-side sculpture unveiled. Peninsula…

Australia and New Zealand

24 January 2022

Plenary completes $400 million refinance of Toowoomba Bypass image

Plenary completes $400 million refinance of Toowoomba Bypass

TOOWOOMBA, QUEENSLAND: Plenary has completed a $400 million refinancing of the Toowoomba Bypass public-private partnership. The deal comprises a single, five-year…

Australia and New Zealand

20 February 2020

Aus and NZ