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ROLLING STOCK


The Siemens-XLT consortium was advised by Barclays Capital throughout the financing arrangements.


Meanwhile, the two depots have been financed exclusively by Siemens Financial Services.


SFS’s Project & Structured Finance Infrastructure and Cities & Industry team, together with 3i and Innisfree, have structured the financing based upon an appropriate level of risk transfer to the private sector. This enabled Cross London Trains to raise substantial levels of debt, and thereby achieve best value for money for the DfT and ultimately the taxpayer.


The role of an in-house financier


Image shows an engineer welding a train door at Siemens’ train plant in Krefeld, western Germany.


As an in-house financier, SFS’s role on such transactions is to support and, when required, to lead the financing of deals involving a high level of Siemens content. In the case of the Thameslink contract, SFS played an integral role in structuring and negotiating the financing terms of the deal, as well as acting as a catalyst in order to build stakeholder and partner confidence in the project. Certainly, SFS’s strong investment encouraged other investors on both the debt and equity sides of the transaction.


Ultimately, the deal complements Siemens’ strong track record in healthcare, energy and


industrial infrastructure with a leading role in the UK rail sector, and further strengthens Siemens’ overall global infrastructure portfolio. It is also a strong statement of intent regarding the company’s commitment to providing smart solutions to the largest infrastructure challenges that are shaping the landscape of tomorrow’s global economy.


In the case of the Thameslink deal, SFS brought a full-suite of financing solutions to the table, including funding both debt and equity tranches for the rolling stock supply and maintenance, and the depot construction and operation.


Whether acting in a specialist advisory, structuring or relationship building capacity, SFS’s leadership galvanised stakeholder confidence and built critical momentum for the project, playing a central role in securing the Thameslink contract and achieving this landmark in Siemens’ long history in the UK.


More on the Thameslink programme in our interview with First Capital Connect projects director, Ian Duncan-Santiago on page 64.


Johannes Schmidt


opinion@railtechnologymagazine.com TELL US WHAT YOU THINK


rail technology magazine Aug/Sep 13 | 31


© AP Photo/Frank Augstein


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