Sterling investors excluded as Depfa crowds Tube deal

07 Apr 2004

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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