HAMBURG/KIEL HSH Nordbank participated as MLA in the senior bank facilities in the Alpha Trains refinancing. The €1.25bn of new drawn debt facilities are split between €1.125bn senior debt and €125m junior debt. The senior debt is rated Baa2 by Moody’s and BBB by Fitch and comprises:
€350m public bond maturing in 2025 (expected maturity date), listed on the Luxembourg Stock Exchange;
€250m of institutional term loans with maturities between 2027 and 2030; and
€525m of term bank loans with tenors of between five and seven years.
In addition, Alpha Trains raised €225m of ancillary facilities including a €130m liquidity facility, a €50m capex facility, a €25m revolving credit facility and a €20m maintenance reserve facility. The financing has been provided by an international group of banks and institutional investors.
Alpha Trains is owned by long term infrastructure investors Arcus Infrastructure Partners (51.1%), PSP Investments (28%) and AMP Capital (20.9%). Alpha Trains is the leading 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 Luxembourg, Antwerp, Cologne and Madrid.
“We proved ourselves again with this transaction as a competent lender in the European Rail sector with market expertise and strengthened our relationship with Alpha Trains, which was started with our participation in the Willow financing back in 2008.” said Marcus Kleiner, Head of Origination Infrastructure & Rail of the HSH Nordbank.