Plenary completes USD297 million refinancing of cancer centre PPP project in Australia
Plenary has completed the AUD400 million (US$297.4 million) refinancing of the Victorian Comprehensive Cancer Centre (VCCC) in Australia.
The refinancing comprises a single, 6,5 years senior debt tranche to fully refinance existing debt, eliminating refinancing risk for the rest of the project’s operations until 2041 and maintaining the project’s S&P investment grade A rating. Domestic and international banks ANZ, CommBank and Intesa Sanpaolo have participated in the transaction.
UniSuper and Caisse de dépôt et placement du Québec (CDPQ) acted as project investors.
The VCCC is one of Australia’s leading centers for cancer treatment, care, research and education. Opened in 2016, the 130,000 sqm facility is solely dedicated to cancer research and treatment. In 2011 the Victorian Government contracted the Plenary Health consortium – Plenary as sponsor, investor and financial arranger; the Grocon PCL joint venture as builder; and Honeywell as services contractor – to finance, design, build, and maintain the centre for 25 years under a public-private partnership.
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