Plenary Justice Miami issues US$ 310 million bonds to finance the courthouse P3

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Plenary Justice Miami LLC, an SPV responsible for the design, build, finance and maintenance of a civil courthouse to be developed in downtown Miami, has issued US$ 310 million worth bonds in a senior secured note. These bonds will help to partially fund the investment required for the courthouse development. The bonds have acquired rating of A2 from Moody's investor services. The rating reflects the strong collective experience of the project owners and their portfolio of building and high rise construction projects. The rating also considered availability payments from the authority.

The project involves the replacement of the existing 1928 courthouse on Flagler Street. The new larger 23-story building will be built next door. The courthouse will have around 600,000 sqft of building area, with 46 finished courtrooms at completion, chambers and all support services; ability to accommodate expansion to a total of 50 rooms by 2035 through the repurposing of either restricted space, public space, or interim use space, the latter which may initially be designed as shell space.

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