Porterbrook completes £500m RCF refinance

Porterbrook has today completed a £500m refinancing with ambitious sustainability targets that ensure that the company’s ESG goals are more closely aligned to the financial strategy.

Porterbrook, which owns around a quarter of the UK’s national passenger rail fleet, closed a five-year sustainability linked revolving credit facility (RCF) to refinance existing facility of the same size that was due in 2023.

Chief Investment Officer Stefan Rose said: “This refinancing will support Porterbrook’s growth strategy in passenger and rail freight so that we can deliver a high-quality service to our customers, now and in the future, while meeting our essential sustainability targets.”

Natwest acted as a loan coordinator on the refinancing, with CIBC advising on sustainability. The facility is backed by a group of 10 lenders from UK, European and international banks.