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WFW advises Nexrail on €322m sustainability-linked debt facility5 July 2023

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Watson Farley & Williams (“WFW”) has advised Nexrail on the closure of Project Sigma, a €322m sustainability-linked debt facility with a syndicate of ten banks. The purpose of the facility is to refinance Nexrail’s existing fleet and to finance new-build orders and future capital expenditure.

Nexrail is a rolling stock lessor operating in Western Europe. Its aim is to become a leading lessor of hybrid and dual-mode traction as well as specialist locomotives and rolling stock. Its clients are located in Germany, France, Italy, Belgium, and Luxembourg. Project Sigma prepares Nexrail for future growth by adding new banks to its existing banking group and putting a scalable structure in place.

The cross-border WFW Finance team that advised Nexrail was led by London Partner Louise Mor, assisted by Associates Alexander Kyriacou and Fawad Rashid. They worked closely with Frankfurt Partner Frederik Lorenzen and Senior Associate Alexander Piepenbrock, and Paris Partner Philippe Monfort and Associate Lisa Tavlaridis.

Ashurst acted for the lenders and Luther provided Nexrail with advice on Luxembourg law.

Louise commented: “We are delighted to continue our relationship with Nexrail by advising on this complex, multi-jurisdictional matter which is an important step forward towards transitioning the European rail market towards a net zero future. The work undertaken on this matter demonstrates our extensive rail expertise across multiple service lines and further solidifies WFW’s growing reputation as a leading legal advisor in this sector”.

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