Rubicon Closes on Two Key Transactions in the United Kingdom – Deals Include £75 million Debt Private Placement for Thames Tideway Tunnel & InfraVia Capital Partners Selling its Participation in Tramlink Nottingham
Rubicon Closes on Two Key Transactions in the United Kingdom – Deals Include £75 million Debt Private Placement for Thames Tideway Tunnel & InfraVia Capital Partners Selling its Participation in Tramlink Nottingham
LONDON, UK, September 16, 2019 – Rubicon Capital Advisors (“Rubicon”) is pleased to announce that a £75 million private placement financing for Thames Tideway Tunnel (“Tideway”) (through its Bazalgette Tunnel Limited entity) has successfully reached financial close. Tideway is London’s new super sewer tunnel which runs for 25km under the river Thames and is due for completion in 2024. The £75 million fixed-rate green bond transaction, issued through the Green Bond Framework, was priced with a yield of 2.418% and with a maturity in September 2041. To help the funding timetable for the construction of the tunnel, the notes were structured with a delayed drawdown of funds for the first two years. Rubicon acted as placement agent and there was a sole institutional debt investor for this transaction.
“This was a great funding opportunity for Tideway as both credit spreads and underlying rates were at historic lows,” said Rubicon Managing Director & Head of Private Placements, Felix Fletcher.
Tideway Treasurer, Ines Faden da Silva stated, “Rubicon’s experience in debt markets and their global investor coverage was key in sourcing this institutional investor interest.”
Rubicon Group Head, John Kirwan also noted, “This transaction was an excellent example of our firm leveraging its international platform as we are building out our global utilities practice.”
In addition, Rubicon advised InfraVia in the sale of its participation in Tramlink Nottingham, a world class tram network for the city of Nottingham, to Aberdeen Standard Investments.
Tramlink Nottingham owns and operates the tramway network of the city of Nottingham, UK, under a PFI concession awarded in 2011. The tram now serves most of the densely populated areas of the city and major destinations such as the University of Nottingham and main mobility hubs.
“We were delighted to work again with InfraVia, this time on a notable UK transportation asset that will positively impact thousands of commuters daily,” stated Managing Director & Partner Aeneas Griffin.
About Rubicon Capital Advisors
Rubicon is one of the world’s leading investment banking firms focused solely on the infrastructure, energy & utilities sectors. With offices in Europe, the Americas and Asia, along with further expansion plans in 2019, the firm has a truly global reach. Since inception in 2011, Rubicon has closed on the sale, acquisition or refinancing of over 100 essential infrastructure, energy & utilities assets located across Europe, North America, Latin America and Asia with a combined enterprise value in excess of USD $50 billion. The firm is regulated by the Central Bank of Ireland and its U.S. affiliate is a member of FINRA and SIPC and registered as a broker-dealer with the SEC. Learn more about the firm at: www.rubiconcapitaladvisors.com and by following Rubicon Capital Advisors on LinkedIn and Twitter.
About Tideway
Bazalgette Tunnel Limited (BTL), is the licensed Infrastructure Provider set up to finance, build, maintain and operate the Thames Tideway Tunnel. BTL trades and is known to the public as ‘Tideway’. Tideway is owned by a consortium of investors that comprises Allianz, Amber Infrastructure, Dalmore Capital and DIF. Our investors have extensive experience of investing in and managing a wide range of infrastructure assets in the UK and overseas. More than two million UK pensioners have an indirect investment in Tideway through UK pension funds managed by our investors. The consortium’s backing fulfils a key component of the HM Treasury’s National Infrastructure Plan, designed to finance the development of UK infrastructure with the support of highly experienced private investors. www.tideway.london
About InfraVia Capital Partners
InfraVia Capital Partners is an independent investment manager dedicated to the infrastructure sectors. InfraVia Capital Partners manages in excess of EUR 4 billion of assets through several infrastructure funds, which are all positioned as long-term investors across the infrastructure sectors in Europe. www.infraviacapital.com
About Aberdeen Standard Investments
Aberdeen Standard Investments (ASI) is a leading global asset manager dedicated to creating long-term value for its clients, and is a brand of the asset management business of Standard Life Aberdeen plc, one of the world’s largest investment companies. With over 1,000 investment professionals, ASI manages £519.4 billion of assets worldwide (as of 31 March 2019) with clients in 80 countries supported by 50 relationship offices.
ASI has £4 billion of assets under management within the infrastructure space, invested in over 120 projects across Europe, North America and Australia across transport, healthcare, education, accommodation, and water.
Standard Life Aberdeen plc is headquartered in Scotland. It has around 1.2 million shareholders and is listed on the London Stock Exchange. The Standard Life Aberdeen group was formed by the merger of Standard Life plc and Aberdeen Asset Management PLC on 14 August 2017. www.aberdeenstandard.com
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Tom Weirich
T: +1 212 974 2615
E: tom.weirich@rubiconcapitalusa.com