December 2015
Palisade Investment Partners has successfully completed a A$186m (US$135m) five-year refinancing just before Christmas for its Hallett 1 Wind Farm with three of its existing lenders.
The lenders were Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank and National Australia Bank. The other lenders in the syndicate Erste Abwicklungsanstalt, Oversea-Chinese Banking Corporation and Sumitomo Trust Bank exited the deal.
The new loan refinances a A$100m five-year bullet tranche that matures in 2018, as well as a A$136m 10-year amortising tranche expiring in 2019.
Palisade acted as the financial adviser for the deal and achieved new margins of 135bp over BBSY for the new five year facility. Palisade was able to achieve a 115bp reduction in the margins over the existing facility and secure additional cash flow to investors in excess of A$7.5m over the next 9 quarters.
The 94.5MW project, located in South Australia and has a long-term offtake agreement with AGL Energy. The project is wholly owned by the Palisade’s Diversified Infrastructure Fund.