A A$243 million fundraising for Plenary Group has been signed via Bank of Tokyo Mitsubishi UFJ, Commonwealth Bank of Australia, National Australia Bank and Westpac.
The financing comprises a A$220 million two-year construction facility and a A$23 million six-year subordinated debt solely provided by Bank of Tokyo Mitsubishi UFJ. The three Australian banks each committed A$73 million to the senior portion.
The construction tranche currently pays a spread of 190bp over BBSY, while the bilateral facility is priced at 625bp. Both facilities have a commitment fee of 70% of the margin.
Proceeds are to fund the construction and operation of the Bioscience Research Centre at La Trobe University in Australia.