09 03 2016

Rock Rail signs first rolling stock financing deal

Bond Dickinson, CMS and Stephenson Harwood LLP advised on the £200 million-plus financing of a replacement suburban train fleet for Govia Thameslink Railway


The innovative structure involved new rolling stock lessor, Rock Rail, with investment by SL Capital and Aviva Investors – the deal was the first of its kind in UK rail finance. This strategically significant investment will see passengers on GTR's Great Northern’s suburban routes enjoy a modern, high-quality environment, with a more frequent service.  GTR were advised by Bond Dickinson. Rock Rail is a new company formed by Rock Infrastructure Limited, focussing on strategically important rail assets within the United Kingdom.  Stephenson Harwood has been advising Rock Rail and SL Capital for some time on the development of the financing proposition. Aviva Investors turned to long-standing advisors, CMS, in relation to the funding provided to Rock Rail. The Stephenson Harwood team was led by head of rail Graeme McLellan, who was assisted by senior associate Mette Rolle, associate Peter Field and trainee Katy Barradell-Smith. The CMS team was led by Andrew Ivison, Bill Carr and Jonathan Dames and included Katie Duffield, Matt Stephens, Tom Bishai, Natasha Heald, Simon Johnston and Stephanie Flynn advised the senior finance parties, Aviva Investors and Deutsche Bank Luxembourg. The Bond Dickinson team was led by David Rewcastle, who leads the firm's Transport and Infrastructure team, and included Will Bonas, David Millard and Joe Causer. Involved fees earner: Graeme McLellan - Stephenson Harwood; Mette Rolle - Stephenson Harwood; Peter Field - Stephenson Harwood; David Rewcastle - Bond Dickinson; Will Bonas - Bond Dickinson; David Millard - Bond Dickinson; Andrew Ivison - CMS Cameron McKenna; Katie Duffield - CMS Cameron McKenna; Natasha Heald - CMS Cameron McKenna; Bill Carr - CMS Cameron McKenna; Jonathan Dames - CMS Cameron McKenna; Tom Bishai - CMS Cameron McKenna;

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