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The UK Rail Infrastructure sector has seen significant transactional activity in recent years, with each of the three rolling stock companies (ROSCOs) undertaking a number of transactions with a combined value of over £5billion.
A common thread running throughout these transactions is the role Lloyds Bank Commercial Banking has played in providing funding & risk management solutions. We are the only bank to have been Mandated Lead Arranger on the loan, Bookrunner on the bond and Hedge Provider for each of the major ROSCO transactions in recent years. This continues to demonstrate our long standing support for UK Rail infrastructure.
Formed when the UK rail industry was privatised in 1994, ROSCOs own and maintain a variety of rolling stock which is leased to the train operating companies that run the rail services.
Lloyds Bank acted as joint bookrunner and joint lead manager on an £800 million bond issuance which included a £300 million 10-year ‘bullet’ bond and a £500 million 25-year amortising bond with a 14-year weighted average life in July 2010
In early 2011, the company sought to refinance its remaining senior debt facilities and complete a new bond issuance to further diversify its sources of finance.
Download the Angel Trains March 2011 Case Study
In November 2010, Eversholt Investment Group (EIG) agreed to buy the business in a deal which valued Eversholt Rail Group’s gross assets at approximately £2.1 billion.
Lloyds Bank played a central role in structuring the accompanying £1.7 billion package of senior facilities which enabled EIG to complete the transaction.
Following this, in February 2011 Lloyds Bank acted as bookrunner on a £400m bond issuance.
Download the Eversholt November 2010 Case Study
To repay maturing facilities, in June 2010 the business issued two sterling bonds with a value of £520 million.
This transaction was followed in June 2011 by a further £0.9 billion refinancing, which has put Porterbrook in a strong position to continue its growth.
Download the Porterbrook June 2011 Case Study
The transactions represent the strong relationships we have with the ROSCOs and our expertise of the sector.