Angel Trains announces benchmark bond issue

Angel Trains Group, through its subsidiary The Great Rolling Stock Company Limited, has issued a £400m long-term amortising bond as part of its debt management programme.

It was issued under the Group’s Euro Medium Term Note Programme and has a 20-year legal maturity, with a 15-year weighted average life.

The proceeds from this issuance – which follows the successful £800m two-tranche transaction last year – will be used to partially refinance the existing senior bank debt and provides Angel Trains Group with a stable, long-term financial base.

The existing bank debt was put in place when a consortium of infrastructure investors and managed pension funds bought Angel Trains Group from The Royal Bank of Scotland (RBS) in August 2008.

Goldman Sachs International acted as sole financial advisor on the debt refinancing, and the transaction was executed by BNP Paribas, Lloyds Bank Corporate Markets, RBC Capital Markets and The Royal Bank of Scotland (also sole arranger of the programme).

George Lynn, Chief Financial Officer of Angel Trains Group, said:

“We are delighted to be able to issue this bond, particularly given recent volatile corporate market conditions.

“The successful issue, significantly oversubscribed, is testament to the robust credit profile and strong operating performance of Angel Trains Group.

“The issue is a key part of our long-term debt management programme and strengthens the company by diversifying our sources of finance and our debt maturity profile.”

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