The repricing of the senior debt for the Great Western Main Line element of the Intercity Express Programme reached financial close on July 7, 2015.

The repricing involves a reduction in the margins on senior debt, resulting in a cost saving for the project, which originally reached financial close on July 24, 2012.

The project involves the construction and maintenance of new rolling stock for the Great Western Main Line, the principal rail route linking London, Bristol and Swansea. The project sponsors include Hitachi, John Laing and Metlife. The new trains will be constructed by Hitachi.

On behalf of the project’s sponsors, senior lenders and the procuring authority Department for Transport, Operis was pleased to undertake a model audit of the financial model which included a review of the model’s tax and accounting.

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