The €1.125 billion of drawn senior debt has been raised by a newly incorporated wholly owned Alpha Trains group company, Alpha Trains Finance SA. The senior debt is rated Baa2 by Moody's and BBB by Fitch and comprises:
The €125 million seven-year junior loan has been raised by Alpha Trains Holdco Sarl, an intermediate holding company.
In addition, Alpha Trains raised €225 million of ancillary facilities including a €130 million liquidity facility, a €50 million capex facility, a €25 million revolving credit facility and a €20 million maintenance reserve facility.
The financing has been provided by an international group of banks and institutional investors.
Commenting on the project, Shaun Mills, CEO said
"The Alpha Trains Group has grown and evolved significantly over the last few years and this refinancing represents a significant milestone providing diversification of funding sources, extending the tenors and providing lower cost debt financing through a dynamic platform structure, to facilitate further growth and development of the business."
Credit Agricole Corporate and Investment Bank and UBS Investment Bank acted as financial advisors to Alpha Trains, bookrunners for the bond issuance and placement agents of the institutional term loans.
Alpha Trains is a private rolling stock operating lessor in Continental Europe with a portfolio of 334 passenger trains and 369 locomotives. Alpha Trains has been an investor, owner and manager of rolling stock for over fifteen years, establishing an enviable record as a consistent, professional and innovative investor and manager of passenger trains and freight locomotives. The portfolio is managed by an international team of 80 people in our offices in Luxembourg, Antwerp, Cologne and Madrid.