Ashurst advises on the financing of rolling stock for the Regensburg-Donautal network

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Ashurst advised a consortium comprising Cr̩dit Agricole Corporate and Investment Bank, the European Investment Bank and Norddeutsche Landesbank РGirozentrale on the financing of new rolling stock for the operation of passenger rail services on the Regensburg-Donautal network by RDO Fahrzeuggesellschaft mbH & Co. KG (RDO KG). The parties have agreed not to disclose the amount of funding.

The consortium is financing the acquisition of 23 new single-deck electric railcars of the Mireo 4-Teiler type manufactured by Siemens Mobility GmbH. The railcars will be operated by RDO KG in a leasing structure with agilis Eisenbahngesellschaft mbH & Co. KG (agilis) on the regional transport axes of the Regensburg-Donautal network. On May 17, 2021, Agilis won the contract to operate regional passenger rail transport for the lines of the Regensburg-Donautal network by the competent authorities, Bayerische Eisenbahngesellschaft mbH and the Baden-Württemberg Ministry of Transport. The underlying transport agreement has a term until the end of 2036 with an expected start of operations in December 2022.

The financing of the two phases – the construction and operation phase – by the consortium is provided by means of loans, debt purchases as well as registered bonds and is grouped at the documentation level in a framework agreement.

Ashurst provided comprehensive advice to the consortium on banking and capital markets law, insurance supervisory law, tax law and transport / public law. The Ashurst team was led by his partner Derk Opitz. He was assisted by partner Dr Tobias Krug, senior partner Alexandra Heitmann, partner Dr Jan Ulrich Heinemann (all Project Finance, Frankfurt), transaction lawyer Ariana Fazlic (Project Finance, Munich) as well as partners Dr Anders Kraft (Tax) and Dr Detmar Loff (Insurance Supervisory Law, both of Frankfurt). Partner Dr Maximilian Uibeleisen and lawyer Holger Mlynek (both from Infrastructure, Frankfurt) advised on the transport agreement and contracts related to rolling stock.

The German project finance practice of Ashurst regularly advises on asset finance transactions within the framework of regional passenger rail finance.

/ Public distribution. This material from the original organization / authors may be ad hoc in nature, edited for clarity, style and length. The views and opinions expressed are those of the authors.


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