find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Cancer centre seals billion-dollar bond deal

Cancer centre seals billion-dollar bond deal

A refinancing deal for the Victorian Comprehensive Cancer Centre has flagged the return of long-term bond financing for public-private partnerships (PPPs) in Australia.

Firms: Allens (Plenary); Herbert Smith Freehills (bank financiers)

Deal: A Plenary-led consortium has approved a refinancing deal for the Victorian Comprehensive Cancer Centre (VCCC).

Value: $1 billion

Area: Finance

Key players: The Allens team advising Plenary was led by partner James Darcy (pictured). Associate David Yang and lawyer Emily Rothfield assisted on the deal.

Sidley Austin acted for Plenary as its US counsel, while Greenberg Traurig was counsel for the bondholders.

Deal significance:

The initial bank debt has been refinanced with a 24-year bond deal worth $450 million, involving domestic and offshore bond investors. The deal also includes a bank debt tranche that will last for 11.5 years.

The deal is a significant one for the infrastructure funding market in Australia, according to Allens partner James Darcy.

Mr Darcy, who advised Plenary on the refinancing, is the head of Allens’ debt capital markets team in Melbourne. In his view, the deal signifies the return of “long-term bond financing for PPPs in Australia”.  

Since the GFC, Mr Darcy said, shorter-term bank debt has been the preferred funding option for Australian infrastructure.

He believes that more players in the infrastructure space are now looking to debt capital markets to diversify the debt of their single-asset companies.

“The VCCC bond deal demonstrates the opening up of long-term bond financing opportunities for infrastructure projects in Australia,” Mr Darcy said.

“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,” he said.

Allens partner James Darcy

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Cancer centre seals billion-dollar bond deal
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Scales of Justice, ALA, right-to-die law
06:04
‘Right-to-die’ laws would be a relief for terminally ill: ALA
The passage of an assisted dying bill through the lower house of Victorian Parliament has been haile...
Diversity
06:00
Diversity top of agenda for future WA Law Society president
The advancement of diversity in the Western Australian legal profession will be one of the key items...
Jetski
Oct 23 2017
How to fail well
The legal profession is due for an attitude adjustment when it comes to perceived failures, accordin...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...