Overview

Our expert lawyers advise financiers and corporates on rail asset backed lending structures. We have a national reputation for our highly respected work in the rail sector acting for both financiers and train operating companies (TOCs). We are one of the few firms in the UK with the asset finance and sector experience to undertake high level, complex rolling stock leasing work. We also advise on aircraft and equipment financing, both domestic and cross-border.

We have advised both lenders and borrowers on recourse and non-recourse receivables finance.

Areas of focus

Our expertise in asset finance and asset backed lending includes the following:

  • Operating leases for rolling stock.
  • Cross-border aviation finance.
  • Equipment finance.
  • Review of precedent leasing/hire purchase/receivables documentation and stocking finance facilities, as well as assisting with creation of suites of precedent documentation.
  • Advising on syndicated and bilateral receivables finance documentation.
Experience

Advising on the procurement, leasing and maintenance of a number of new train fleets, including Class 175 DMUs for First North Western, Class 180 DMUs for Great Western, Class 360 EMUs for Great Eastern, Class 185 DMUs for TransPennine Express and Class 380 EMUs for First ScotRail.

Advising a global transport operator on drafting pro forma bus operating lease documentation; and implementing these arrangements.

Acting for First Capital Connect in connection with their involvement with the £6 billion 'Thameslink Programme', which includes the procurement of a new train fleet comprising some 1200 vehicles.

Acting for Department for Transport (since 2007) on 'General Rolling Stock Matters' (the fleet leasing and maintenance arrangements of all existing passenger rail franchisees in the UK) and (since 2009) on the 'Capacity Metric Implementation' aspects of the Government's HLOS for 2009-2014 which has involved the procurement of new fleet by the National Express East Anglia and London Midland franchisees.

Acting for Eurostar on its £700 million procurement of a new fleet of e320 'Velaro' high speed trains for use on its flagship London – Paris service, such trains being approved for operation across Eurostar's continental network.

Advising RBS on the financing and leasing arrangements on a portfolio of corporate jets.

Advising a family office on the sale of a business jet to a far Eastern purchaser.

Acting on the potential purchase of several regional jets on lease to an African airline.

Advising an individual on the purchase of a number of Cessna jet aircraft and operating arrangements for use by a commercial operator of aircraft.

Acting for a HNWI on the cross-border refinancing of a super-yacht.

Advising on a proforma agency agreement regulating the entry into leasing arrangements in respect of shipping containers.

Advising on a cross-border joint venture on the leasing and financing aspects for the conversion of passenger aircraft to freighters.

Producing suites of hire purchase documentation (both regulated and non-regulated by the Consumer Credit Act).

Advising a corporate client on an invoice finance line put in place to finance a management buyout.

Acting for Lloyds Bank Commercial Finance on a £50 million syndicated receivables finance agreement for Noble Food Group.

Advising Lombard on its standard form non-recourse receivables purchase documentation.

Advising Barclays Bank plc on its standard form invoice discounting documentation.

Drafting and negotiating master lease arrangements for over four franchises for non-rolling stock assets such as ticket machines, CCTV and gates.

Meet the team
Racheal Ruane

Rachael Ruane Partner

  • Corporate Banking
  • Real Estate Finance
  • Asset Finance and Asset Backed Lending
Brioney Thomas

Brioney Thomas Partner

  • Asset Finance and Asset Backed Lending
  • Commercial
  • Rail

What others say...

The team has its finger on the pulse as to how rail works; it has a very in-depth legal understanding.

Chambers UK 2016