Plenary Group has refinanced AUD 180m (USD 114m) of debt linked to its Queensland Schools PPP project, according to an emailed statement.
National Australia Bank (NAB) has reprised its role as the sole mandated lead arranger, lending five- and 10-year funds.
Plenary had approached banks in July.
The debt was last refinanced in early 2019, according to Infralogic data, with Norinchukin Australia and National Australia Bank (NAB) lending AUD 195m for five years.
“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,” said Plenary Executive Director James Dixon in the statement.
In 2013, a Plenary-led consortium including Watpac Construction and Delta FM won the right to finance, design, construct, commission and maintain 10 schools in the fastest growing areas of Southeast Queensland. The eight new primary schools and two new secondary schools were designed to cater to 10,000 pupils.
The 25-year PPP reached financial close in late 2013 with NAB the sole lender and around AUD 300m of debt. The first of the schools was opened in 2015 while the final school was completed in December 2018.
