DIF Capital Partners (through DIF V Fund) has successfully refinanced the Bay Village – Karratha Accommodation Facility, securing full tenor refinancing for the remainder of the availability based (approximately 12 years) concession — eliminating refinancing risk and providing future certainty for global energy company Woodside.
The value accretive refinancing delivers outperformance to investors and consists of a full tenor, low-cost, fully hedged senior debt facility from lead underwriter MUFG, leveraging DIF’s strong local relationship and taking advantage of the asset’s robust operational performance. Bay Village, located in Karratha, Western Australia, comprises a 604-bed fly-in, fly-out (FIFO) facility purpose-built to accommodate employees and contractors engaged in Woodside’s North-West Shelf and Pluto energy projects.
The facility offers a range of amenities, including a gym, outdoor swimming pool, recreational spaces, dining areas, multi-use sports courts, extensive food offerings, and social initiatives to promote the health, wellbeing and comfort of its residents.
Bay Village plays a critical role in supporting and bolstering Woodside’s energy projects in Australia, aligning with the global energy transition, and supporting neighbouring nations in emission reduction efforts.
DIF Capital Partners released a statement which reads: “The successful refinancing underscores DIF’s value creation capability, ability to secure competitive financing for critical infrastructure projects and track record of providing substantial value to our investors.”
DIF Capital Partners was advised by Tetris Capital, Corrs Chambers Westgarth and Advisian.
MUFG was advised by Allens.
