150327 Whithelm acquires Alpha Trains Junior Debt

Transcription

150327 Whithelm acquires Alpha Trains Junior Debt
Commercial-in-Confidence
PRESS RELEASE
Friday, 27 March 2015
CANBERRA
Level 1, 39 Brisbane Avenue,
Barton ACT 2600, Australia
PO Box 6248, Kingston ACT
2604
T +61 2 6273 1222
F +61 2 6273 1223
—
LONDON
15th Floor, City Tower
40 Basinghall Street
London EC2V 5DE
T +44 207 183 6120
—
SYDNEY
Level 13, 95 Pitt Street Sydney
NSW 2000, Australia
T +61 2 9220 0600
—
www.whitehelmcapital.com
ACN 008 636 717 · ABN 68 008 636 717
WHITEHELM CAPITAL LEADS MAJORITY INVESTMENT IN ALPHA TRAINS
JUNIOR DEBT
Leading independent infrastructure manager Whitehelm Capital has today led the majority investment into the junior
debt of Alpha Trains Holdings S.a.r.l, Europe’s largest train leasing company, on behalf of three clients, including MTAA
Super and Prime Super.
Whitehelm invested €80 million (A$110 million) to the transaction on behalf of its clients, out of a total junior debt
size of €125million.
This transaction brings Whitehelm’s investments in infrastructure debt to date to over A$1 billion, with an internal
rate of return (IRR) of more than 14%.
The transaction is part of Alpha Trains’ €1.25 billion refinancing, which also comprises €350 million of senior bonds
rated Baa2 by Moody’s, €525 million of senior bank debt and a €250 million institutional private placement.
Alexander Waller, Head of Infrastructure Debt, Whitehelm Capital, said: “While infrastructure transactions for large
trophy assets have been aggressively bid, infrastructure junior debt remains attractively priced. This transaction
demonstrates that there are still compelling infrastructure investments in the market for investors willing and able to
consider relative value across the capital structure carefully.
“It also underlines the substantial capital available from our Australian clients for attractive debt opportunities that
support high-quality borrowers in the infrastructure sector. In uncertain markets, and in the face of spiraling
valuation multiples, investments like this provide both premium returns and defensive characteristics, while carrying
attractively short duration.”
ABOUT ALPHA TRAINS
Alpha Trains is the largest private rolling stock lessor in the passenger and freight markets in Continental Europe,
providing over €2.1 billion in rolling stock to both public and private operators. Alpha Trains’ locomotives division
comprises Europe’s largest and most diversified fleet of almost 370 diesel and electric locomotives, while the
passenger train division comprises 334 diesel and electric trains.
ABOUT WHITEHELM CAPITAL
Whitehelm Capital is one of the world’s largest independent infrastructure managers. Whitehelm Capital has a 16-year
track record across 80 acquisitions, a current portfolio of 40 infrastructure assets, over A$4 billion in funds under
management and A$10 billion in funds under advice.
Whitehelm Capital has strong capabilities in sourcing, executing and managing infrastructure debt investments for
clients, investing over A$1 billion in infrastructure debt since inception with an IRR of more than 14% per annum.
The company offers investment capabilities across a range of areas including unlisted infrastructure, listed
infrastructure, infrastructure debt, emerging markets infrastructure, advisory and real estate.
For further information contact:
 Australia: Tom Snow on +61 2 9220 0600;
 Europe: Gary Withers on +44 207 183 6120.
www.whitehelmcapital.com