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For press enquiries please contact:
Wendy Spinks, Head of Revenue
Development on 020 7014 2700
or email wendy.spinks@highspeed1.co.uk
Address
St Pancras International Station
Pancras Road
London NW1 2QP
HS1 Announces £1.6 billion Refinance Success
HS1 Ltd today announced it has completed its refinancing of the
£1.3bn bank debt used for the concession purchase. In November
2010, the Canadian consortium of Borealis Infrastructure and
Ontario Teachers' Pension Plan, acquired a 30 year concession to
own and operate HS1 Ltd for £2.1bn.
Following a successful road show in the UK last week, HS1 has been
able to raise £760m in the UK bond market, a significant upsize on
the £455m target. These funds combined with a US private placement
last year and a new bank facility has allowed HS1 to refinance its
original acquisition facility. The new debt structure will amortise
over the life of the concession.
Nicola Shaw, CEO, HS1 Ltd said: "HS1 has refinanced very
successfully today, underlining the quality and strength of the
business. Our A- credit rating and these coupons demonstrate
investor confidence in our future performance. The long term
finance we now have in place allows us to stay focussed on
delivering for our customers and their passengers - trains arriving
and departing on time and wonderful environments at our stations.
Investors and customers alike should rest assured that we will
continue to deliver this high quality over the remaining life of
our concession."
The number of passengers using Eurostar (the international
operator using HS1) and Southeastern High Speed (the domestic
operator using HS1) has grown year on year with Southeastern
recently announcing 25 million passenger journeys on HS1. Eurostar
is now carrying around 10m passengers per year. Retail, on the
non-regulated side of the HS1 Ltd business, has also grown
strongly, outperforming the high street with significant growth
year on year.
Graeme Thompson, CFO, HS1 Ltd said: "It is very good news that we
have not only met our refinancing targets but done so ahead of
schedule. Market conditions and the fact that HS1 is low risk, good
quality and high performing infrastructure has meant our
proposition has been very well received and we appreciate the
investor support."
The active banks for the HS1 bonds are: BNP Paribas; Lloyds and
RBS. The passive banks are: NAB and Scotiabank. In addition to
those banks Export Development Bank of Canada also participated in
the Bank Facilities
