Daily News: July 24, 2017

Credit Agricole, ING Provide Financing to Support Beacon Rail Deal


Pan-European rolling stock lessor Beacon Rail Leasing completed the acquisition of a fleet of Bombardier Class 220 and Class 221 Voyager diesel-electric multiple units from subsidiaries of Lloyds Bank and the Royal Bank of Scotland.

Committed debt financing for the transaction was provided by Credit Agricole Corporate Investment Bank and ING Bank.

The units are currently in passenger service on the Virgin West Coast and the Arriva Cross Country Franchises. The fleet is comprised of 352 vehicles in 78 sets of four- and five-vehicle formations, and 58 sets are operated on the Cross Country franchise and 20 sets are operated by West Coast.

Luxembourg-based, with additional offices in London and Boston, Beacon owns a diverse portfolio of freight and passenger train rolling stock. Beacon Rail’s current portfolio includes 225 locomotives, over 1000 freight wagons, 55 EMU/DMUs, 67 double decker coaches and 13 sets of five-car intercity carriages on lease in the UK, Germany, Denmark, France, Belgium, Norway, Sweden, Austria and the Netherlands.

Neil Bennett, chief operating officer of Beacon, said, “We are very pleased with this transaction because it continues our expansion in the UK passenger train franchise market. The Bombardier Voyager trains have proven to be successful in service and this transaction has allowed us to acquire more high quality UK passenger rolling stock.”

Piers Johnson, head of Portfolio Management Specialist Asset Finance at RBS, said, “In concluding the sale of the Voyager fleet to Beacon Rail Leasing we bring to an end 19 years association with this high quality and successful asset. We wish the new owners well for the future.”

Allen & Overy acted as legal counsel for the lenders. Berwin Leighton Paisner acted as legal counsel for Beacon. Stephenson Harwood acted as legal counsel for the sellers. DC Advisory acted as advisor to the sellers.