Reliance Rail PPP’s AU$2.25 billion refinancing


Norton Rose Fulbright has acted for a syndicate of financiers on the $2.25 billion refinancing of the Reliance Rail NSW Rolling Stock PPP. Reliance Rail was advised by RBC Capital Markets and Gilbert + Tobin

Reliance Rail is a public-private partnership that has the contract to manufacture and maintain 626 suburban passenger train carriages for Sydney’s rail network.

The project, originally signed in December 2006, to finance, manufacture and maintain the suburban passenger trains for 30 years, was the largest passenger train order in Australian history, costing $3.6 billion.

Our role included advising a large syndicate of domestic and foreign banks on the refinancing of existing bond and bank debt financing and the restructuring of a number of other aspects of the project, including a complex derivatives restructure. It is one of the largest PPP refinancing’s to date in the Australian market.

Norton Rose advised AMP Capital and International Public Partnerships with a team including Jo Crew (Picture) in Melbourne, with assistance from James Morris (partner), Joanna Taylor (special counsel), Claire Whitney (senior associate), Celia Boyle (associate) and Marco Lagos (associate) and others from the firm.

Gilbert + Tobin advised Reliance Rail with John Schembri, Adela Smith, Caroline Mathie (Banking), Louise McCoach, Abigail Cowled, Lisa Hamilton and Billy Quist (Capital Markets).

Gilbert + Tobin’s recapitalisation team was headed by Hiroshi Narushima, assisted by Melissa Baxter and Laura Bacon.

Gilbert + Tobin’s Litigation team was also heavily involved in the transaction, with Court action required during the process. The Litigation team was headed by Crispian Lynch, assisted by Amy Campbell and Carla Corben.

Involved fees earner: Jo Crew – Norton Rose Fulbright; James Morris – Norton Rose Fulbright; Joanna Taylor – Norton Rose Fulbright; Claire Whitney – Norton Rose Fulbright; John Schembri – Gilbert + Tobin; Adela Smith – Gilbert + Tobin; Caroline Mathie – Gilbert + Tobin; Lisa Hamilton – Gilbert + Tobin; Billy Quist – Gilbert + Tobin; Louise McCoach – Gilbert + Tobin; Abigail Cowled – Gilbert + Tobin; Hiroshi Narushima – Gilbert + Tobin; Melissa Baxter – Gilbert + Tobin; Laura Bacon – Gilbert + Tobin; Crispian Lynch – Gilbert + Tobin; Amy Campbell – Gilbert + Tobin; Carla Corben – Gilbert + Tobin;

Law Firms: Norton Rose Fulbright; Gilbert + Tobin;

Clients: AMP Capital Investors; Amber Infrastructure; International Public Partnerships Limited; Reliance Rail Pty Ltd;