Bayerische Regiobahn GmbH’s Lot 2 Of The Augsburg Networks Financing

Ashurst advised a consortium comprising Credit Agricole Corporate and Investment Bank and two institutional investors, Allianz Global Investors GmbH with several funds and Versicherungskammer Bayern with one fund, on the financing of new rolling stock for the operation of rail passenger services in Lot 2 of the Augsburg networks by Bayerische Regiobahn GmbH, a group company of Transdev.

The investors are providing the financing for the acquisition of a total of 41 diesel railcars manufactured by ALSTOM Transport Deutschland GmbH. The brand new two-unit diesel railcars of the type CORADIA Lint 41 with a purchase price of more than €140 million will be operated by BRB in a leasing structure with Deutsche Anlagenleasing on the regional transport routes of Lot 2 of the Augsburg networks. BRB was awarded the contract for operating regional rail passenger transport on the ABN2 on 18 December 2018. The transport agreement underlying the contract has a term until the end of 2031 or 2032 with a planned start of operations in December 2022.

The financing for ABN2 marks the first financing in German regional rail passenger transport comprising a construction phase financing and long-term financing by a consortium consisting of a bank and institutional investors. The construction phase financing is provided in the form of a loan which is replaced by registered bonds in the long-term financing. The financing was arranged by CACIB.

The Ashurst team was led by finance partner Derk Opitz (Picture). He was supported by partner Tobias Krug, senior associate Alexandra Heitmann, associates Jan Ulrich Heinemann, Julia Schanz and Patrick Rauch (all Project Finance, Frankfurt) as well as paralegal Ariana Fazlic (Project Finance, Munich). Counsel Holger Mlynek (Transport, Frankfurt) advised on the transport agreement and the rolling stock related contracts.

Involved fees earner: Jan Ulrich Heinemann – Ashurst; Alexandra Heitmann – Ashurst; Tobias Krug – Ashurst; Holger Mlynek – Ashurst; Derk Opitz – Ashurst; Patrick Rauch – Ashurst; Julia Schanz – Ashurst;

Law Firms: Ashurst;

Clients: Allianz Global Investors; Crédit Agricole Corporate and Investment Bank; Versicherungskammer Bayern (VKB);