June 28, 2018

Porterbrook signs syndicated loan

UK rolling stock leasing company (roscoe) Porterbrook Leasing Co signed in late June £885 million ($1.15 billion) in financing from a syndicate of 11 lenders.

The syndicate is comprised of Export Development Canada, CaixaBank, SMBC, ABN Amro, BNP Paribas, MUFG, National Australia Bank, Credit Agricole, Canadian Imperial Bank of Commerce (CIBC), NatWest Markets and Lloyds.

Some of the lenders are new to Porterbrook.

Rothschild acted as financial adviser to Porterbrook.

Milbank Tweed, Hadley & McCloy acted as borrower counsel and Ashurst acted as lender counsel.

In October 2014 the Porterbrook Group of companies was acquired by a consortium of investors including Alberta Investment Management Corporation, Allianz Capital Partners on behalf of certain insurance companies of the Allianz Group, EDF Invest and Hastings Funds Management.