ANGEL Trains, which leases locomotives and rolling stock in the UK, has completed a long-term debt refinancing programme worth almost £1m.
The final part of the group’s debt rescheduling was completed by a loan agreement which included a five-year £450m facility and a £400m seven-year facility, organised through its subsidiary The Great Rolling Stock Company.
The proceeds from the restructuring – which follows a successful £800m bond issue in July 2010 and a further £400m long-term bond last month – will be used to refinance the remaining senior bank debt and provide the company with capital to develop its operations.
The existing bank debt was put in place when a consortium of infrastructure investors and managed pension funds bought Angel Trains from RBS in August 2008.
Goldman Sachs International acted as sole financial adviser on the deal.