Last week guests gathered at one of London’s most distinctive landmarks to celebrate the successful closure of the financing for the procurement and delivery of rolling stock on Govia Thameslink Railway’s Great Northern route. The celebration, held on the top floor of the Gherkin, provided breath taking views over London which served as the perfect backdrop for Rock Rail Limited and SL Capital to welcome guests from Govia Thameslink Railway (GTR), Aviva Investors who are providing the debt, and Siemens who are building the trains, as well as many other companies who were involved in the bid process and who helped Rock Rail to reach financial close.
Rock Rail received preferred bidder on the 15th January and with the support and commitment of all those at the evening achieved financial close within just 33 days, on the 17th February.
Steve Scrimshaw, Managing Director for Siemens Rail Systems, commented on the deal saying:
“We were pleased to conclude this important deal with Rock Rail, they concluded the transaction in a matter of weeks and were very pragmatic and responsive to issues which showed a great depth of understanding of the rail supply and funding market”
Rock Rail Moorgate PLC, owned by Rock Rail Limited and SL Capital, has been set up to procure and then lease the rolling stock. The 25 climate-controlled six-carriage units will enter service by the end of 2018.
The successful closure of the deal with GTR reflects a new approach to funding rolling stock in the UK that has been developed by Rock Rail over the last two years and which offers financial institutions the opportunity to invest directly in core rail assets on a basis that generates better value for the tax payer and passenger alike.