CC takes lead for Eurostar on €550m train financing following bid dispute
Clifford Chance (CC) has won the lead role for Eurostar on the €550m (£486m) financing of its disputed train fleet order from Siemens. The role for CC comes after Eurostar last month resolved its dispute with Alstom Transport, after the French company had attempted to block Eurostar's €600m (£522m) deal with Siemens to provide new trains.
August 10, 2011 at 10:29 AM
2 minute read
Clifford Chance (CC) has won the lead role for Eurostar on the €550m (£486m) financing of its disputed train fleet order from Siemens.
The role for CC comes after Eurostar last month resolved its dispute with Alstom Transport, after the French company had attempted to block Eurostar's deal with Siemens to provide new trains.
The CC team advising Eurostar on the financing – which was led by City finance partner Gavin Teague – included lawyers from the firm's London, Paris and Brussels offices.
Other partners involved included Alex Nourry (antitrust), David Harkness (tax) and David Griffiths (corporate) from CC's London HQ, as well as Paris partner Daniel Zerbib and Brussels partner Yves Herinckx (both finance).
Eurostar is a longstanding client of CC, with the relationship dating back to 1993. The magic circle firm most recently advised Eurostar on its major corporate reorganisation last year.
Freshfields Bruckhaus Deringer also advised on the financing, acting for a syndicate of banks led by Credit Agricole and the European Investment Bank. The firm's team was led by City finance partner Simon Hall.
CC's Teague commented: "This is Eurostar's debut secured debt financing, and its first since the completion of its corporate reorganisation in 2010. We are delighted to have been able to assist the company complete this landmark transaction."
Freshfields also took a role on the court dispute, which saw Alstom apply for an interim injunction to block the deal last October, before its protest was rejected in the High Court last month.
The Freshfields team acting for Siemens was headed up by London dispute resolution partners Jane Jenkins and Sally Roe. Hogan Lovells acted for Alstom, while Burges Salmon advised Eurostar.
For more, see Freshfields, Hogan Lovells and Burges Salmon lead on Eurostar court dispute.
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