Alpha Trains successfully closes a €1.3bn Bank & Private Placement deal

The debt raised includes €815m of bank debt and €460m of Green USPP debt, with note maturities ranging from 10 years to 30 years, to refinance existing debt and finance the expansion of its passenger trains and locomotives fleet.

We supported Alpha Trains in order to: 

• Advise on optimal debt stack reorganization, 
• Affirm its BBB senior secured debt rating while obtaining increased leeway in the context of its development plan, 
• Raise monies to refinance an upcoming Public Bond maturing in June 2025 and provide the company with ample liquidity to pursue its growth plan,
• Extend / amend / re-profile certain existing debt maturities,
• Manage its Interest Rates exposure.

This landmark transaction for Alpha Trains confirms strong appetite from banks and investors for the Rail sector, which has demonstrated its resilience and sustainability over time. At the occasion of this transaction, the company’s business model and the rolling stock leasing sector in general received a clear vote of confidence as Alpha Trains has notably been the first Rolling Stock Lessor in Europe to print a 30yr fixed rate bullet private placement subscribed by a granular order book of institutional investors based in North America, Europe and the UK.