Allens advises Plenary on market-leading infrastructure bond deal

25 October 2016

Allens has advised a Plenary-led consortium on the successful $1 billion refinancing of the Victorian Comprehensive Cancer Centre (VCCC).

This was a significant deal for the Australian infrastructure funding market, marking the return of long-term bond financing for PPPs in Australia.

The initial bank debt has been refinanced with a $450 million 24-year bond deal involving both domestic and offshore bond investors, as well as an 11.5-year bank debt tranche.

The Allens team was led by Partner and Head of Debt Capital Markets, James Darcy.

Commenting on the deal, James said that single asset infrastructure companies are increasingly seeking to diversify their debt through debt capital markets.

'Since the Global Financial Crisis, Australian infrastructure has predominantly been funded through shorter term bank debt,' James said. 'The VCCC bond deal demonstrates the opening-up of long-term bond financing opportunities for infrastructure projects in Australia.

'We are now seeing increasing activity from infrastructure companies seeking diversification in the debt capital markets, both domestically and offshore. This is particularly the case for brownfield assets with an operating history and predictable cash flows, such as VCCC.'

Allens is at the forefront of bond financing for infrastructure projects in Australia, advising on bond financings across all relevant sectors including toll roads, ports, energy and social infrastructure.

Allens legal team James Darcy (Partner, Melbourne); David Yang (Associate, Melbourne); Emily Rothfield (Lawyer, Melbourne)


For further information, please contact:

Share or Save for later

What are these?


To save this publication on your smartphone or
tablet for off-line reading (eg on a plane flight),
we recommend Pocket.


Notes for editors.

Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.