Dr. Michael Dröge, Partner, and lawyers Dr. Kai Erhardt and Julia Mischke of Heuking Kühn Lüer Wojtek advised the joint venture consisting of Hamburg-based investment firm Paribus Capital and Netherlands-based fund "DIF Infrastructure III" on the financing of 15 locomotives and 90 carriages under corporate and contract law. The trains will be provided to the future operator of the regional passenger transport route Hamburg-Westerland from December 2015.
Paribus Capital GmbH was selected in a European-wide bidding process by regional transport provider Landesverkehrsgesellschaft Schleswig-Holstein (LVS), which performs the invitations to bid for regional transport on behalf of the state of Schleswig-Holstein. LVS has taken an innovative approach to the Marsh Railway route and for the first time is separating the provision of the trains from the operation of the route.
The external financing of the trains will be provided by a banking consortium including Bayern LB, Credit Agricole Corporate and Investment Bank (CACIB), and NordLB. In addition to its role as lender and hedging provider, CACIB is acting as an agent for the construction phase, BayernLB as an agent for the operating phase, and NordLB as the security trustee. The loan has a term of around 20 years and a volume of about EUR 154 million. The banking consortium is refinancing itself through German and French pfandbriefs, made possible by means of a capital service guarantee from the state of Schleswig-Holstein.
Counsel to Paribus Capital and DIF
Heuking Kühn Lüer Wojtek:
Dr. Michael Dröge,
Julia Mischke (both Corporate),
Dr. Kai Erhardt (Finance), all Hamburg