Financial Services
Siemens achieves financial close for Thameslink Rolling Stock Programme
Munich, 2013-Jun-27
Siemens Financial Services (SFS) – the financing arm of Siemens – contributed to the completion of a 25-year financing package for Thameslink. In this context SFS is participating in the equity and debt components of the overall project, which will finance both the manufacturing of train carriages and the construction of two depots.
Thameslink is set up as a public-private partnership between the Department for Transport and the project consortium Cross London Trains (XLT). SFS acts via Siemens Project Ventures GmbH as equal shareholder in XLT next to private equity investors 3i and Innisfree in the total £177 million equity. The Thameslink Rolling Stock Programme (TRSP) also includes a contract for the construction and lease of two depots – at Hornsey and Three Bridges – financed through an innovative receivables purchase agreement between SFS and Siemens UK.
"By combining leading technology with innovative financial solutions, the project demonstrates Siemens' ability to make large-scale infrastructure projects happen even in volatile market environments," says Roland Chalons-Browne, CEO of Siemens Financial Services.
In addition to providing capital to the project, SFS acted in an advisory and arranging capacity playing a vital role in securing the overall debt financing. Next to a group of 19 banks, lead by SMBC, BTMU, Lloyds and KfW IPEX, the European Investment Bank was a major lender to the facility.
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Siemens achieves financial close for Thameslink Rolling ... - Global
https://www.siemens.com/press/en/pressrelease/2013/financial.../sfs201306006.htm
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