Maddocks advises on restructuring and refinancing of ACT Law Courts PPP
Law firm Maddocks has advised on the restructuring and refinancing of the ACT Law Courts PPP.
Tuesday 10 September 2019
Maddocks has advised on the restructuring and refinancing of the ACT Law Courts Public Private Partnership (PPP), which achieved financial close recently.
The ACT Law Courts Project is the ACT’s first PPP, involving the refurbishment of existing court facilities as well as developing new facilities for all tiers of the ACT court system (including custodial services).
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 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 the A$170 million (approx.) 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).
Maddocks partner Andrew Pitney led the restructuring work with assistance from lawyer Hannah McDonald. Partner Arlene Colquhoun led the refinancing work with assistance from lawyer Alba Ramli. The ATC Government Solicitor advised the Territory and King & Wood Mallesons advised the debt financiers.
Maddocks is a proudly independent Australian law firm that works closely with corporations, businesses and governments throughout Australia and internationally. We advise national and international clients across the built environment, education, government, healthcare and technology sectors, from our Canberra, Melbourne and Sydney offices. Our specialist expertise includes dispute resolution and litigation, employment and safety, financial services, franchising and insolvency.
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