The South Australian Schools Project, in which the AMP Capital Community Infrastructure Fund and AMP Capital Core Infrastructure Fund are invested, has successfully refinanced its $185 million debt facility.

The SA Schools project is the first PPP in South Australia to complete a refinancing.

The new five-year debt facility provides for a material improvement in project metrics  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 and was approved by the South Australian Department of Treasury and Finance and the Department for Education & Child Development.

AMP Capital Social Infrastructure Investment Director Julie-Anne Mizzi said:

"The SA Schools refinance demonstrates our core capabilities in successful acquisition and management of social infrastructure PPPs to deliver value to our investors."

Advisers included:

• King and Wood Mallesons (borrower counsel and tax adviser)
• KPMG (financial modelling)
• Norton Rose (lender counsel)
• BDO (model audit).

The acquisition of the SA Schools project took place in 2012. It was the first schools deal out of three executed in the last two years by funds managed by AMP Capital.

In March 2014, the AMP Capital Community Infrastructure Fund (CommIF) closed the acquisition of a 100 % interest in the Partnerships Victoria in Schools Project from the Royal Bank of Scotland.

The deal followed the acquisition of a 49.99 % equity interest in the South East Queensland Schools PPP project in August 2013 by Australia Social Infrastructure Partners (ASIP) (50.01%) and AMP Capital Community Infrastructure Fund (CommIF) (49.99%).