Refinancing completed for AUD1.6bn bypass in Australia
The Nexus Infrastructure consortium led by the Australian infrastructure developer Plenary has completed an AUD 400 million (USD 265 million) refinancing of the Toowoomba Bypass public-private partnership (PPP) project in Queensland, also known as Toowoomba Second Range Crossing.
According to Plenary press release: "The deal comprises a single, five-year debt tranche to fully refinance the existing debt, with leading domestic banks ANZ, Commonwealth Bank and Westpac participating."
The bypass fully opened to traffic in September 2019. Reaching refinancing within such a short space of time shows the confidence of the market in the project.
The project is a bypass route to the north of Toowoomba, approximately 41km in length, running from the Warrego Highway at Helidon in the east to the Gore Highway at Athol in the west via Charlton. The project is the largest Commonwealth Government commitment to a single regional road project in Queensland history.
The AUD 1.6 billion (USD 1.06 billion) project has improved road and driver safety, reduced travel time across the Toowoomba Range by up to 40 minutes for heavy commercial vehicles and increased freight efficiency.
Plenary was a financial adviser and is an equity investor in the project, part of the Nexus consortium – also comprising Acciona, Cintra and Broadspectrum – contracted by the Queensland Government to design, build, finance, and maintain the project for 25 years.
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