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Allens advises Plenary Schools consortium on refinancing

26 February 2019

Allens has advised the Plenary Schools consortium on the refinancing of its syndicated bank debt facilities for the Queensland Schools II Project.

Allens has acted for the consortium since its successful tender for the Project from the Queensland Government in 2013.

Over the past five years, the consortium has successfully delivered two secondary schools and eight primary schools in southeast Queensland. Plenary Schools will continue to provide ongoing facilities management and maintenance services to the Government until the end of December 2043.

The successful completion of the refinancing continues a trend of domestic project finance borrowers refinancing their bank debt in a competitively priced market.

'It's been great to partner with the Plenary Schools team on this project from inception through to this point.' said lead Partner David Donnelly.

'The project has now been significantly de-risked and so we've been able to work with all parties to return some of the value created to equity and the State.

Allens has advised on the financing of several recent market leading infrastructure transactions, both in the context of the financings of new projects and the refinancing of existing projects.

'We are seeing a lot of activity in the refinancing market for major infrastructure at the moment, with an increasing number of options available to sponsors in both the bank debt and institutional debt space,' said lead Finance Partner James Darcy.

Allens is a market leader in infrastructure financing, having recently won Project Finance International's Infrastructure Deal of the Year for the second year running for its role for the State of New South Wales on the $9.3 billion sale of a 51 per cent interest in the WestConnex project. Allens won the award in 2017 for its role advising the financiers to the Cross Yarra Partnership on the successful close of the $11 billion Melbourne Metro Project.

Allens legal team Projects & Development: David Donnelly, Partner
Banking & Finance: James Darcy, Partner; Matthew Meyerink, Managing Associate; Teresa Campbell, Senior Associate; Andrew Lunardi, Lawyer

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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.