The ACT Law Courts Public-Private Partnership (PPP) project of the Australian Capital Territory Government has achieved refinancing.
Maddocks has advised the project company (Project Co) which heads a consortium, comprising Macquarie Capital, Laing O’Rourke, Programmed Facility Management, and Lyons Architects, which is responsible for the design, construction, financing, and maintenance of the facility over a 25-year term.
The restructuring was required as a result of delays in completion of construction and required a series of amending deeds to provide for the restructuring of the ‘staging’ of the construction components, waiver by Project Co of various defaults and termination events, and revised liquidated damages structure.
A further consequence of the delay in completion of construction was the need to implement a refinancing of about AUD170 million (US$115 million) project debt. This involved adjustments to the maturity date and amendments to accommodate the delays in the construction programme (and associated legal due diligence on the project generally).
The ATC Government Solicitor advised the Territory and King & Wood Mallesons advised the debt financiers.