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17 July 2024
Deals | France | FIN
As part of opening up rail services to competition (the law for a new rail pact of 27 June 2018), the Nouvelle-Aquitaine and Occitania regions have decided to acquire regional express trains (TER) from SNCF Voyageurs.
To this end, the Nouvelle-Aquitaine and Occitania regions have jointly created a local public company (SPL) of which they are currently the only shareholders. Under the terms of two concession contracts (one for each region) signed on 6 and 7 June 2024 respectively, each region has entrusted the SPL with the management of all its rolling stock. This rolling stock will be made available by the SPL to the rail operators selected by the relevant region for the purpose of operating its regional rail transport service.
In order for the SPL to pay the fees to the regions in return for the transfer of rolling stock, the SPL has raised structured financing of around €1.2 billion.
This financing is provided by a pool of lenders comprising BRED, Caisse d'Epargne et de Prévoyance Aquitaine Poitou Charentes and Caisse d'Epargne et de Prévoyance de Midi Pyrénées (with the assistance of Helia Conseil), Crédit Agricole Corporate and Investment Bank, Crédit Industriel et Commercial, La Banque Postale, Norddeutsche Landesbank Girozentrale, the European Investment Bank (EIB) and Caisse des Dépôts et Consignations (CDC).
Gide advised the financing parties, with a team led by partner Farah El-Bsat on financing aspects and partner Thomas Courtel on public law aspects, with counsel Faten Anis and associate Nolan Condette on financing; counsel Alexandre Rennesson and associate Paul Margelidon on public law aspects; and partner Laurent Vincent, counsel Louis Ravaud and associate Emilie Radisson on derivatives aspects.
The Nouvelle-Aquitaine and Occitania regions and the SPL were advised by OYAT (public law) and Simon Associés (financing). The financial advisor to the regions and the SPL was Ernst & Young.
In addition to Gide, the EIB was advised by White & Case and the CDC by Dentons.
