Norton Rose Fulbright advises on AU$2.25 billion refinancing of Reliance Rail PPP

Global Business December 1, 2017

Global law firm Norton Rose Fulbright has acted for a syndicate of financiers on the $2.25 billion refinancing of the Reliance Rail NSW Rolling Stock PPP.

Reliance Rail is a public-private partnership that has the contract to manufacture and maintain 626 suburban passenger train carriages for Sydney’s rail network.

The project, originally signed in December 2006, to finance, manufacture and maintain the suburban passenger trains for 30 years, was the largest passenger train order in Australian history, costing $3.6 billion.

Our role included advising a large syndicate of domestic and foreign banks on the refinancing of existing bond and bank debt financing and the restructuring of a number of other aspects of the project, including a complex derivatives restructure. It is one of the largest PPP refinancing’s to date in the Australian market.

Norton Rose Fulbright partner, Jo Crew, led the deal for the syndicate and commented:

“The project is a high-profile and high-value deal in Australia and the successful refinancing marks a significant milestone for the company, its equity investors and multiple other stakeholders. We are very pleased to have advised the bank group and hedge providers on this transaction and we congratulate all parties on achieving this outstanding result.”

The firm’s Australian team comprised of Jo Crew (partner) in Melbourne, with assistance from James Morris (partner), Joanna Taylor (special counsel), Claire Whitney (senior associate), Celia Boyle (associate) and Marco Lagos (associate) and others from the firm.