<p>On 4 April 2014 Porterbrook successfully completed a refinancing of its senior bank and junior debt facilities which extends out the debt maturities and provides the business with funds for future growth. To achieve these objectives Porterbrook raised £1.2 billion of new debt which includes:</p>
<ul><li>a 5-year senior term loan of £300m together with the new 15-year £250m fixed rate public bond which were used to repay existing debt due to mature in 2016;</li>
 <li>5-year revolving capex and acquisition facilities totalling £600m, which along with the senior term loan are provided by a syndicate of 12 banks; and</li>
 <li>a new 7-year junior facility of £100m which is provided by MetLife and a number of European financial institutions.</li>
</ul><p>During the highly competitive process, Porterbrook held discussions with over 30 potential senior and junior lenders, along with many potential bond investors during a 3 day roadshow.</p>
<p>Paul Francis, Managing Director for Porterbrook said</p>
<p>“Porterbrook management and shareholders are extremely pleased with this process and for the ongoing support of a wide population of financial institutions who continue to believe in UK rail and its rolling stock. This refinancing demonstrates Porterbrook’s commitment to continued investment in rolling stock and the company is actively bidding for new trains for the Southern and Stagecoach South West franchises.</p>
<p>We thank our advisors, J.P. Morgan and Milbank, as well as the dealers from within the new bank group who assisted us in securing this strong financial base for the future of Porterbrook’s business.”</p>
<p>Porterbrook is one of the UK’s rolling stock leasing companies. It is owned by Deutsche Bank, iCON Infrastructure, Antin Infrastructure Partners and OPTrust and is rated BBB by S&amp;P.</p>