DLA Piper, together with Fort Street Advisers, has advised Downer (ASX: DOW) in relation to the AU$2 billion recapitalisation and refinancing of Reliance Rail.

Reliance Rail is a public-private partnership with the NSW Government, which owns Sydney's Waratah suburban passenger trains – one of the largest public-private partnership projects in Australia.

Reliance Rail's AU$2 billion debt was successfully refinanced with new bank debt, bonds and new equity from AMP Capital and Amber Infrastructure.

Downer will continue to work with Reliance Rail to deliver outstanding operations for the Sydney rail network through its 'through life support' contract to maintain the Waratah trains.

The DLA Piper team was led by Corporate partner David Ryan, with assistance from Head of Corporate James Philips and senior associate Elliott Cheung. Head of Finance and Projects Onno Bakker assisted on the financing aspects, and senior associate Eddie Ahn provided tax advice.

David Ryan said: "We are delighted to once again partner with our client Downer to help Reliance Rail deliver this long-discussed refinancing and to recapitalise Reliance Rail, together with Fort Street Advisers."
Downer is an Australian owned listed company, employing over 56,000 people across more than 300 sites, primarily in Australia and New Zealand – spanning transport; utilities; rail; engineering, construction and maintenance; mining; and Spotless. Downer owns 88 per cent of Spotless Group Holdings Limited (ASX: SPO).