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GB Railfreight Refinancing

Model Audit

10th January 2022

DWPF provided model audit advice to Infracapital and GB Railfreight on a GBP 178m senior debt refinancing, driven by growing demand of UK rolling stock.


GB Railfreight is the third largest rail freight operator in the United Kingdom, with turnover of over GBP 225 million in 2021. GB Railfreight is one of the fastest growing companies in the railway sector and transports goods for a wide range of customers.


The new debt comprises a GBP 143m term loan, a GBP 30m capex facility and a GBP 5m revolving credit facility, all with five-year tenors. The capex facility will be invested in “more efficient” rolling stock, said Ed Clarke, a GB Railfreight board member and Infracapital’s chief investment officer. Some of the new debt will also partly replace a shareholder loan put in place by Infracapital during the acquisition in 2019.