Victorian Comprehensive Cancer Centre, A$450 million 24-year US “Global” Placement
May 2016 – DTW was mandated by the Plenary Group as the exclusive financial advisor in relation to the capital markets refinancing of the A$1.1 billion Victorian Comprehensive Cancer Centre. The State of Victoria is a party to this financing as the concessionaire to the project. The A$450 million, 24-year financing was successfully completed in October 2016. The VCCC project had very specific and bespoke financing requirements. DTW worked with Plenary to develop a bespoke financing structure acceptable to a “pool” of institutional investors. The investor group included domestic and offshore institutions. This financing set a new benchmark in the PPP/infrastructure sector and delivered significant value to the project sponsors as well as the Government.
The Cancer Centre financing is ground breaking in that it constitutes the largest and longest dated “natural” A$ global floating rate note issue completed by an Australian issuer.