On June 19, 2017, Rock Rail reached financial close on the £1 billion financing of new Bombardier trains for the First MTR South Western franchise. The transaction was led by Rock Rail and SL Capital (part of Standard Life Investments) with additional co-investment equity being provided by GLIL, the Greater Manchester Pension Fund and London Pensions Fund Authority infrastructure investment joint venture.
The core fleet of 90 cutting edge trains from UK manufacturer Bombardier Transportation will be introduced onto the Windsor, Reading and West London suburban routes serving Waterloo station mid 2019.
All senior debt was provided by a group of UK, European and North American institutional investors.
Operis acted as financial advisor and model auditor to Rock Rail. This is the third rolling stock deal that Operis has successfully advised Rock Rail on following on from the Moorgate deal with Govia Thameslink Railway and the East Anglia franchise transaction with Abellio, both in 2016.