ALLEN & OVERY ADVISES ON THE £2 BILLION REFINANCING OF TUBE LINES LIMITED
Allen & Overy has advised Goldman Sachs as sole book runner and arranger, and Société Générale as joint lead manager, on the £2 billion refinancing of Tube Lines Limited.
This innovative refinancing enables Tube Lines Limited to replace its existing finance with new funding allowing them to lower their aggregate cost of funds, and also to provide the release of financial benefit to its stakeholders, part of which includes London Underground Limited.
Securitisation partners David Krischer and John Skuter, along with associates Deemple Budhia and David O’Connor led the transaction, with assistance from a large team of other partners and associates within Allen & Overy, including Projects partners Alan Rae Smith and Nigel Pritchard along with associates James Taylor, Sarah Knapper, Hugh Kettle and Teegan Lindsay, International Capital Markets partner Matthew Hartley and associate Kate Prentis, and Tax partner Mark Brailsford and associate Mark Middleditch.
Corporate trustee partner Morgan Krone also advised Law Debenture as security trustee and note trustee, and David Sedgley advised AMBAC as financial guarantors.
Commenting on the large refinancing, John Skuter said:
“We are delighted to have assisted Goldman Sachs and Société Générale in this important transaction, including assisting Goldman Sachs in structuring an innovative look through to the credit support provided by Transport for London to the London Underground PPP.”
Lovells advised Tube Lines Limited.
For further information, please contact Ian Barrett
([email protected]) on +44 (0) 207 330 2890.
Notes for Editors:
1. Allen & Overy is an international legal practice with over 4,800
staff, including some 450 partners, working in 25 major centres worldwide.
2. Allen & Overy has recently won ‘Banking and Finance Team of the
Year’ at the Legal Business Awards 2004 and ‘European Law Firm of the Year’ at the IFLR Awards 2004; 3. This press release is issued by Allen & Overy LLP. In this press release ‘Allen & Overy’ means Allen & Overy LLP and/or its affiliated undertakings. 4. Any reference to a partner in relation to Allen & Overy LLP means a member, consultant or employee of Allen & Overy LLP.