‘Iconoclast’ by Australian artist Michael Riddle alongside Peninsula Link freeway in Melbourne. Image: Steve Brown

Plenary completes $646 million Peninsula Link refinancing

Published 08 October 2018

MELBOURNE, AUSTRALIA: Leading infrastructure investor, developer and manager Plenary Group has completed a $646 million refinancing of the Peninsula Link public-private partnership.

The debt structure involves two tranches, including the introduction of a 10-year tranche – double the tenor of the existing facility – helping mitigate refinancing risk for the equity investors represented by AMP Capital and Whitehelm Capital.

All eight existing banks – including all four major domestic banks and four leading international banks – participated in the refinance, highlighting the compelling outcome Plenary was able to achieve.

Plenary Head of Origination Paul Crowe said the refinancing was Plenary’s first external financial advisory mandate and a great outcome for both the Victorian Government and the investors.

“The highly-competitive pricing and tenor we achieved mitigates refinancing risk for the project and reflects the strength of our relationships in financial markets, our structuring capability, and our deep understanding of PPPs,” Mr Crowe said.

“We look forward to continuing to demonstrate our capabilities in this space as more governments and investors look to refinance their infrastructure assets.”

The refinancing adds to Plenary’s proven capability as financial adviser in the Australian roads PPP sector following its work as financial adviser on the $1.8 billion Western Roads Upgrade and $1.6 billion Toowoomba Second Range Crossing projects.


About Peninsula Link

Peninsula Link (pictured) is a 27-kilometre toll-free road between Carrum Downs and Mount Martha in Melbourne’s southeast.

Opening to traffic in January 2013 it significantly reduced congestion on key traffic routes through Frankston and the Mornington Peninsula, particularly during peak periods.

In 2010 the Victorian Government contracted the Southern Way consortium under an availability-based public-private partnership to finance, design, construct, operate and maintain the roadway for 25 years.

In 2016 Plenary took over the asset management role on behalf of the Southern Way.


Christopher Whitefield

Corporate Affairs Manager
+61 3 8888 7754
+61 418 530 806