The transaction was structured as a sustainability loan
Allens has guided the financiers on the long-term refinancing of the syndicated debt facilities for the $135m ACT Law Courts public private partnership.
This was the ACT’s first PPP. The project aimed to renovate the court facilities in Canberra.
Allens assisted financiers Credit Agricole Corporate and Investment Bank and SBI Shinsei Bank on the transaction, which was structured as a sustainability loan. According to Allens, this is a rising trend for social infrastructure PPP deals.
“This transaction is part of a broader trend of lenders and sponsors prioritising ESG considerations, with financiers in particular increasing their emphasis on financing projects that deliver social and environmental benefits alongside financial returns”, lead partner Scott McCoy said.
McCoy worked together with managing associate Sarah Denton, senior associate Sophie Langham and lawyer Will Hodgson.
Juris Partnership Pty Ltd oversees the ACT Law Courts PPP under a 25-year concession with the ACT government. It and its investors Aberdeen Investments and MM Capital Partners engaged Tetris Capital as financial adviser on the deal.
The new ACT Law Courts complex includes the Court of Appeal, Supreme Court, Magistrates Court, Coroners Court and Children’s Court. Through the ACT Law Courts project, the number of courtrooms has reached 21, with 19 set for immediate operation. Five new courtrooms will accommodate juries, according to Macquarie Capital.
