Sterling investors excluded as Depfa crowds Tube deal
Tube Lines, the consortium that operates three London Underground networks, disappointed sterling investors this week when it announced details of its £2bn plus refinancing of its £1.935bn senior and mezzanine debt.
Contrary to expectations, bookrunner Goldman Sachs and joint lead manager SG will only sell £250m to the public market, offloading the balance of around £1.675bn to Depfa.The £250m portion represents the £135m mezzanine and £80m of senior debt from the existing Tube Lines financing ...
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