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WFW advises Streem on sustainable private placement28 July 2023

Watson Farley & Williams (“WFW”) has advised Streem Holding (“Streem”) on its latest private placement offering, involving multiple tranches of fixed and floating rate notes. The placement was issued under Streem’s existing common terms platform, which WFW advised on.

Streem will issue both fixed and floating rate EUR notes, and fixed rate USD notes, with an initial tranche and a deferred tranche. The Euro notes will be used to fund green assets, in line with Streem’s “Green Financing Framework” policy.

Founded in 1956 in Geneva, Switzerland, the group has become one of the leading global players of the freight railcar and tank containers leasing industries. Now headquartered in Paris, its fleet of 46,000 railcars and 80,000 tank containers supports industrial companies, railway undertakings and freight forwarders.

The cross-border WFW Structured and Asset Finance team that advised Streem was led by London Partner Louise Mor, supported by Associate Abdulla Zaman and Trainee Ellen Mackie. WFW Paris Partner Philippe Monfort and Associate Vincent Cossavella provided French law advice and New York Partner Will Vogel and Associate Phillip Carnevale advised on US law aspects.

Louise commented: “We are delighted to continue our long-standing relationship with Streem on this sustainable private placement. This is the third instance in which we have assisted them with private placements made under this platform, and it highlights WFW’s cross-border rail expertise both in private placements and on sustainability-linked transactions generally ”.

The investors were represented by Latham & Watkins.

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