Ashurst has advised the lenders to Agility Trains East on the successful financial close of the second phase of the Department for Transport's £5.7bn Intercity Express Programme (IEP) project.
The banking group includes Japan Bank for International Co-operation, EIB, BTMU, Lloyds, HSBC, SMBC, Mitsubishi Trust Bank, Sumitomo Mitsui Trust Bank, Mizuho, Crédit Agricole, Société Générale and the Development Bank of Japan.
Nippon Export and Investment Insurance (NEXI) provided insurance for part of the loan.
The Intercity Express Programme comprises the infrastructure, rolling stock and franchise changes needed to replace services operated by Britain's aging fleet of high speed trains with faster, higher capacity, more comfortable and more environmentally friendly services that will support growth on some of Britain's busiest intercity rail routes.
The second phase of the Intercity Express Programme involves the financing, manufacturing, maintenance and daily provision of trains for the East Coast Mainline and will include the manufacture of 65 new Hitachi Class 800 series trains, the construction of a major new maintenance facility at Doncaster and maintenance of the trains over the contract term of 27.5 years.
The Ashurst team, led by partners Terence van Poortvliet and Nikhil Markanday with support from partners Nigel Ward, Naomi Horton, David Nirenberg, James Coiley and Jamie Chapman, senior associates Mohamed Nacim Bounouara, Simon Wayne and Jonathan Turner and associates Robin Watson, Chris Cochrane and Matt Fassnidge, advised on all areas of the development and financing of the project.
Mark Elsey, global head of Energy, Resources and Infrastructure commented:
"We are delighted to have had this opportunity to work with such a diverse banking group in order to bring the second phase of this complex project to financial close. Following closely on our success on the M8 DBFO project and the Mersey Gateway Bridge project, this deal further cements Ashurst's place at the head of the UK infrastructure market."
