Shearman & Sterling advised Beacon Rail Leasing on the €1.45 billion equivalent refinancing of its senior debt facilities into a new multi-creditor common terms platform.
The refinancing secured both sterling and euro debt, with a diverse group of international banks and institutional investors, across a range of tenors from seven to 20 years. The financing included €350 million of committed undrawn facilities. All the facilities will rank at an equal rate and are governed by a common terms agreement which provides significant flexibility to allow the business to continue to grow.
The Beacon Rail Leasing refinancing is one of the most notable infrastructure financings of 2019 and involved the establishment by the rolling stock lessor of an innovative infrastructure debt platform which is reflective of the market's increasing appreciation of core rolling stock as an infrastructure asset class. Beacon Rail Leasing then raised debt from this platform in the bank, EU Private Placement and U.S. Private Placement markets, in each case advised by Shearman & Sterling.