Plenary refinances Single LEAP 2 project

SYDNEY, AUSTRALIA – Plenary has completed a $100 million refinancing of the Australian Defence Force Single Living Environment and Accommodation Precinct (LEAP) 2 public-private partnership.

The deal comprises a single, five-year senior debt tranche to fully refinance existing debt, with leading domestic banks and existing project investors ANZ and NAB participating.

Executive Director, Origination Michelle Sichlau said to achieve highly competitive pricing and terms in a recession was a strong outcome for the Australian Government and the project investors.

“This is a great outcome considering the relative market uncertainty caused by the COVID-19 pandemic and accompanying recession that could have extended the process,” Ms Sichlau said.

“Our intimate knowledge of the project and being able to leverage the existing methodology and debt framework implemented as part of our $738 million refinance of the project in 2016 expedited the process.

“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 financial arranging capabilities in the Australian infrastructure sector that also includes the $400 million Toowoomba Bypass refinance, the $230 million AgriBio, Centre for AgriBioscience refinance, and the $646 million Peninsula Link refinance, and comes in addition to Plenary’s unparalleled reputation as a financial sponsor and arranger for greenfield transactions.

About Single LEAP

Delivered in 2014, the $900 million Single LEAP 2 project comprises 3,014 accommodation units and supporting infrastructure at 17 sites across 14 military bases in every mainland state and territory in Australia.

It followed the successful 2009 delivery of the $300 million Single LEAP 1 project, 1,395 accommodation units across three bases in Queensland and New South Wales.

The consortium is now responsible for the long-term management of more than 4,000 ADF accommodation units across Australia, employing more than 100 staff.

Plenary, as sponsor, investor and financial arranger, is part of the Plenary Living consortium – also comprising Compass Group as long-term services contractor; architects Woods Bagot; and builders Built Environs, Pindan, Richard Crookes Constructions, Sitzler and Watpac – contracted by the Australian Government to design, build, finance, and maintain the project for 33 years.