Benex GmbH’s Rolling Stock Refinancing For The “Elbe-Spree network”

Ashurst has advised several companies of Munich Re (Group) and MEAG Infrastructure Debt Fund on the refinancing of used rolling stock of a Benex GmbH special purpose vehicle for rolling stock for the operation of rail passenger transport in “Lot 4 of the Elbe- Spree (NES) network” by ODEG Ostdeutsche Eisenbahngesellschaft GmbH.

The NES network connects the greater Berlin area with Brandenburg, Mecklenburg-Western Pomerania and Saxony-Anhalt.

ODEG was awarded the contract to operate short-distance rail passenger transport in the NES, in which both new and used trains are used, by Verkehrsverbund Berlin-Brandenburg GmbH. The refinancing of the used rail vehicles provided by MEAG will take the form of the issuance of registered notes and will serve to replace the existing financing and to finance the redesign of the vehicles. The capital market-oriented financing of this rail infrastructure project by institutional investors is part of a new development in the infrastructure market, which is increasingly being developed by this group of investors.

Benex GmbH was founded in 2007. The company’s line of business includes holding or owning securities of companies other than banks.

ODEG Ostdeutsche Eisenbahn GmbH is a joint venture founded in June 2002, each owning 50% of the Prignitzer Eisenbahn (part of the Netinera Group) and BeNEX. It operates passenger services on eleven railway lines in Berlin/Brandenburg, Mecklenburg-Vorpommern, Saxony and Saxony-Anhalt.

Munich Re is a reinsurance company based in Munich, Germany. It is one of the world’s leading reinsurers.

MEAG manages the assets of Munich Re and ERGO. MEAG has representations in Europe, Asia and North America and manages all the main asset classes such as interest-bearing securities, equities, real estate, renewable energies and infrastructure, under one roof.

Ashurt’s team was led by partners Dr Tobias Krug (Picture) and Derk Opitz (Project Finance). They were assisted by senior associate Alexandra Heitmann, and associates Julia Schanz (both Structured Finance) and Dr Jan Ulrich Heinemann (Finance). Counsel Holger Mlynek (Transport) advised in relation to the transport service contract and rolling stock related agreements (all Frankfurt).

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

Law Firms: Ashurst;

Clients: MEAG MUNICH ERGO AssetManagement GmbH; Munich Re;