Herbert Smith Freehills has recently advised a syndicate of banks on a €350 million refinancing transaction for Faively Transport.

On 28 January 2015, Faiveley Transport, a world-leading supplier of on-board railway systems, refinanced its syndicated loan and part of its bilateral revolving facilities, replacing them with a new syndicated loan.

This new facility comprises a five-year, amortising loan of €225 million and a multi-currency revolving facility of €125 million. This refinancing provides the Group with increased financial flexibility, improved credit conditions and an extension of the average debt maturities, whilst broadening its banking pool. Faiveley Transport's debt will remain unchanged but the financial and legal terms and conditions have been improved, including an enhanced leverage ratio and a more favourable margin grid. This refinancing reflects the trust of its banking partners in the solid position of the Group, the quality of its credit and its development prospects.

Herbert Smith Freehills advised the syndicate of banks, including Société Générale as documentation agent, with a team led by Laure Bonin (of counsel), assisted by Romain Guirault.

Faiveley Transport was advised by a team from Willkie Farr & Gallagher LLP led by Eduardo Fernandez (partner), with Paul Lombard (partner) and Stanislas Curien.