Allens has advised Secure Electronic Registries Victoria (SERV) on the refinancing of its $2 billion debt facilities, including the replacement of the term loan facility put in place at the time of its acquisition with bank debt from a syndicate of lenders.
The refinancing is the first project financing for SERV, which is the holder of an exclusive 40-year operating concession to administer land registry services for the Victorian Land Titles Office that was acquired from the Victorian Government in 2018.
'This refinancing shows that core and core-plus digital infrastructure assets such as land registry businesses continue to be very attractive to institutional lenders given the longer-term, stable and predictable cash flows they provide,' said lead partner Nick Adkins.
'We are thrilled to have been able to support SERV on this significant debt raising and congratulate the SERV team and its syndicate of lenders on such a successful refinancing.'
The advice builds on Allens' market-leading experience advising on core-plus infrastructure financing, with the firm having advised on numerous similar transactions across the digital infrastructure space including those involving mobile phone towers, data centres and land registry businesses in other states. Allens also advised Aware Super on the original successful bid for the operating concession in 2018.
Allens legal team
Banking & Finance
Nicholas Adkins (Partner), Sarah Denton (Senior Associate), Steven Faulkner (Senior Associate), Campbell Halliday (Associate), Yukimaro Ii (Law Graduate), Lachlan Martin (Law Graduate)
Technology, Media and Telecommunications
Phil O'Sullivan (Partner), Maddison Ryan (Senior Associate)