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Case Study

Palm Lake Group establishes a Pricoa Shelf Facility to diversify its funding sources and support future growth opportunities

Based in Queensland, Australia, Palm Lake Group is a 100% family-owned provider of premium, resort-style retirement accommodation.

Case Study

Palm Lake Group establishes a Pricoa Shelf Facility to diversify its funding sources and support future growth opportunities

Based in Queensland, Australia, Palm Lake Group is a 100% family-owned provider of premium, resort-style retirement accommodation.

At a Glance

Pricoa Shelf diversifies and supports growth

Palm Lake was interested in introducing a longer-tenor solution to match the long-dated nature of its assets as historically the business had been solely financed by shareholder equity alongside shorter-dated bank debt. We discussed the Pricoa Shelf Facility as a flexible, cost-effective funding pathway to support future growth opportunities as the Group continues to expand its footprint across Australia.

Relationship since 2022
Transaction details:
  • Pricoa Shelf Facility
  • Senior Secured Notes
“Pricoa’s relationship-oriented approach and flexible, longer-tenor funding solution were important for us in choosing a capital partner. We look forward to working with them as a trusted long-term partner to the business.”
Scott Elliott Managing Director, Palm Lake Group

The Full Story

Supporting Future Growth Opportunities

Based in Queensland, Australia, Palm Lake Group (“Palm Lake” or the “Group”) is a 100% family-owned provider of premium, resort-style retirement accommodation through its owned and operated portfolio of 22 manufactured housing estates and three retirement villages with another five under development in three states.

We first reached out to Palm Lake in early 2021 to express our interest in supporting the business. Following continued dialogue and a number of meetings over the year, Palm Lake advised that it was interested in introducing a longer-tenor solution to match the long-dated nature of its assets as historically the business had been solely financed by shareholder equity alongside shorter-dated bank debt. We discussed the Pricoa Shelf Facility as a flexible, cost-effective funding pathway to support future growth opportunities as the Group continues to expand its footprint across Australia.

In October 2022, we established a US$200 million Pricoa Shelf Facility and issued Senior Secured Notes split across multiple tenors. The Pricoa Shelf Facility provides Palm Lake with the flexibility to issue in natural A$ on both a fixed and floating rate basis in tenors of up to 15-years.

Palm Lake appreciated our knowledge of its industry, the flexibility of the Shelf product and our bespoke financing solution, as well as our responsiveness in working with the Group.

We are proud to call Palm Lake a partner and we look forward to supporting the business as it continues to execute on its aspirations in the years to come.

Man and woman walking on the beach

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Meet our team

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Michael Jones, CFA
Senior Vice President
+61.2.8248.9708
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New South Wales, Victoria & New Zealand
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Robert Caggiano
Vice President
+61.2.8248.9706
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Queensland, S Australia & W Australia

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