17 Sep 2021

SMBC Closes $246M Term Loans for Philadelphia 30th Street Station Redevelopment

New York – September 17, 2021: SMBC, a member of SMBC Group, today announced it has closed $246 million term loans for the lease and redevelopment of Philadelphia’s iconic William H. Gray III 30th Street Train Station.

SMBC was the sole coordinating lead arranger, hedge coordinator, and administrative agent on $246 million of Senior Secured Credit Facilities for Plenary Infrastructure Philadelphia LLC. Proceeds from the transaction are being used to partially finance Plenary’s redevelopment of the historic train station, including both the retail space and Amtrak offices.

“It is our pleasure to be a part of this project. We look forward to working with Plenary and the development team to modernize and complete the renovation of this historic infrastructure, which provides a key regional and intercity gateway to Philadelphia,” said Adam Sherman, Managing Director, Global Structured Finance/Head of Infrastructure and Municipal Finance North America, at SMBC.

“SMBC originally provided a commitment to underwrite the project’s bank debt in March 2020 before the full impact of Covid-19 was known. Throughout a nearly 18-month commitment period, SMBC remained bullish on the long-term viability and essentiality of the station redevelopment, eventually increasing its commitment to the project,” added Michael Tranter, Executive Director, SMBC Global Structured Finance.

Along with an international and local consortium of partners, including Gilbane Building Company, Johnson Controls Inc., and Vantage Airport Group Ltd., Plenary Infrastructure Philadelphia LLC will design, build, finance, operate, and maintain the station under a 50-year ground lease and development agreement.

About SMBC Group

SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 140 offices and 86,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges. As of June 30, 2021, its total assets were $2.11 trillion.

In the Americas, SMBC Group has a presence in the U.S., Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corporation (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC Rail Services LLC, Manufacturers Bank, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd

Media Relations Contact:
Mina Takahashi
+1 212-756-5593
mina_takahashi@smbcgroup.com