The roadshow for the £1.2 billion securitization of fees payable to Metronet, the consortium responsible for maintenance of the London Underground, will kick off next week, says a Metronet spokesman. The deal had been slated to come to market last year, however, political opposition to the Public Private Partnership, caused it to be delayed. The deal is being lead-managed by Deutsche Bank, Royal Bank of Scotland and UBS Warburg.
Last week, rumors were flying that the deal had been cancelled after an article appeared saying Metronet had opted for secured bank loans, unsecured bonds and that it would sell an equity stake to fund the work. The Metronet spokesman says the rumors are false. Calls to the lead managers were not returned by press time last Thursday.