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Clifford Chance advises the lenders on Thameslink project worth circa £1.6bn

11 July 2013

Clifford Chance advises the lenders on Thameslink project worth circa £1.6bn

International law firm Clifford Chance advised the senior lenders on the £1.6bn (approx) project financing of new Siemens rolling stock for the Thameslink Programme.  The transaction combined a PPP and rolling stock lease model, specialist non-OEM financial equity and dedicated credit support for the project from Siemens Financial Services.

The deal involves a long term concession comprising the design, construction, maintenance of 1,140 electric multiple carriages, to be leased to the franchised train operator on the Thameslink route.

Gavin Teague, Clifford Chance finance partner, said: "We are delighted to have advised our clients on this landmark project.  The rail sector is one in which we have considerable experience across a range of practices and our involvement in this highly significant transaction is something of which we are very proud."

The team was led by Gavin Teague, partner in the London office, and included London partners Andrew Rolfe, Jessica Littlewood, Alex Nourry and David Steinberg, and Frankfurt partner Dietrich Stiller.

Clifford Chance's UK Rail Finance Group is a leader in their field and ranked as a tier 1 firm by Chambers UK and has advised on several recent key deals in the rail industry including the £2.2 bn financing of the Intercity Express Project and Angel Trains' £4bn note programme. The Clifford Chance Project Finance Group in Germany are ranked as a tier 1 firm by Legal 500 and has advised on the portfolio financing for SRF Rail Leasing and on the financing of a rail portfolio for Alpha Trains EMIL S.a.r.l. to be leased to Westfalenbahn GmbH.