AMP Capital starts deploying its new APAC debt strategy

The first transaction comes in the form of a A$130m senior syndicated loan facility, with capital funded via a separate account.

AMP Capital has started deploying capital for its new Asia-Pacific infrastructure debt strategy. Last week, the Sydney-based firm completed a senior syndicated loan facility with Stilmark Holdings, an Australian telecom tower company.

The syndicated deal was sized at A$130 million ($92.8 million; €78.9 million) with the capital to be used to develop new mobile tower infrastructure across Australia, according to a company statement on 30 September. According to sister publication Private Debt Investor, AMP Capital was the sole arranger of the syndicate.

This construction debt financing is the first deal being done under the AMP Capital Infrastructure Debt Asia platform, according to a source familiar with the matter. It is understood that the deal was funded via a separate account.

Simon La Greca, AMP Capital’s head of infrastructure debt Asia said in the statement: “The communications sector has been one of the most resilient industries during covid-19 and the delivery of communications.”

Further details on the transaction’s terms were not disclosed.

The new strategy, AMP Capital Infrastructure Debt Asia, was launched in September. It targets infrastructure mezzanine debt opportunities in selected markets across Asia-Pacific, such as Australia, Japan, New Zealand, Singapore, South Korea and Taiwan.

In May, AMP Capital disclosed a $145 million mezzanine debt financing for New York-headquartered Stonepeak Infrastructure Partners. It is understood that the transaction was structured as a USD-denominated senior secured term loan facility. The loan was made via the main vehicle, AMP Capital Infrastructure Debt Fund IV.

The firm started investing in global infrastructure equity and debt in 1988. Since 2001, AMP Capital’s infrastructure debt team has invested more than $8.8 billion in 78 assets globally, as of 30 June 2020.