Plenary Group has settled a A$62 million wholesale corporate bond issue, helping to fund future growth in its public infrastructure portfolio

Plenary issues corporate bond to help fund future portfolio growth

Published 18 May 2018

AUSTRALIA - Leading infrastructure developer, investor and manager Plenary Group has settled a A$62 million wholesale corporate bond issue, helping to fund future growth in its public infrastructure portfolio.

The six-year amortising bond – arranged by Australia’s largest specialist fixed-income broker FIIG Securities – offers a fixed rate of 6.50 per cent per annum, paid semi-annually, and is underpinned by Plenary’s portfolio of public-private partnership (PPP) projects in Australia.

It follows the $35 million wholesale corporate bond FIIG arranged for Plenary in 2014.

Plenary CEO Paul Oppenheim said it was a great opportunity to tap the local bond market for corporate capital for the second time.

“This bond keeps with our strategy of maintaining diversity in our funding sources, and allows us to continue investing in Australia's best infrastructure projects,” Mr Oppenheim said.

“It provides wholesale fixed-income investors access to our strong asset portfolio – a diverse range of investment-grade public infrastructure projects with solid cashflow.

“Plenary is also well-positioned for the future as governments around the country increase spending on infrastructure and major projects.”

FIIG Securities Head of Debt Capital Markets John Ricciotti said FIIG was pleased to work with Plenary to issue its second corporate bond.

“This bond secured strong interest from investors, who understand the value of infrastructure companies backed by contracted government cash flows and asset longevity,” Mr Ricciotti said.

“This is the fourth bond FIIG has issued in the infrastructure sector as borrowers seek out a long term, flexible capital solution to support growth.

“We are pleased to have worked on this unique investment opportunity for Australia’s leading developer, investor and manager of public infrastructure.”

The notes have security over the equity interests in nine of Plenary’s Australian PPPs.

All projects are in partnership with government counterparties with a minimum AA rating.

The projects are diversified by location, by federal and state government counterparty and by sector, with the projects spanning health, education, tourism, defence, justice and transport.

 

About FIIG Securities

FIIG Securities Limited, which is licensed by the Australian Securities and Investments Commission, is Australia’s largest specialist fixed-income house. FIIG has more than $10 billion in assets under advice in its short-term money market, bonds and custody business. Since 2012 FIIG has originated 47 AUD-denominated corporate bond issues on behalf of mid-cap Australian companies, raising more than $1.9 billion www.fiig.com.au 

 

Christopher Whitefield

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