Not for release or distribution in the US
AMP Capital has announced the successful refinance of the South Australian Schools Project (SA Schools) $172m debt facility on 18 April 2019.
The new five-year debt facility provides for a material improvement in project metrics, reducing risk in the project for investors and the State Government of South Australia. The facility comprises commitments from Westpac, Commonwealth Bank of Australia and National Australia Bank as both lenders and swap counterparties.
The refinancing was managed by AMP Capital on behalf of the investors in the project.
The project involved close cooperation and support from the South Australian Department of Treasury and Finance and the Department for Education, whose consent was required to the transaction. The refinancing was completed on schedule and prior to the maturity date of the facility.
The refinancing is the second successful refinancing of the project.
AMP Capital Community Infrastructure Fund Manager Charles Savage said:
The SA Schools refinance demonstrates our core capabilities in successful acquisition and management of social infrastructure PPPs to deliver value to our investors. This is the second refinance that has been completed for the project since its acquisition by AMP Capital in 2012. The ability to repeat a successful refinancing process on further enhanced metrics and terms is a fantastic outcome - said Mr Savage.
External advisers included The Royal Bank of Canada (financial adviser), King and Wood Mallesons (borrower counsel and tax adviser), BDO (financial model audit) and Ashurst (lender counsel).
The AMP Capital Community Infrastructure Fund (CommIF) and the AMP Capital Core Infrastructure Fund (CIF) are invested in the South Australian Schools Project.