• Corelink Rail Infrastructure Limited (CRIL) is a joint partnership between Infracapital and DWS
  • CRIL was established to procure and lease rolling stock for use on the West Midlands passenger rail franchise
  • The CRIL fleet was procured in 2017, consisting of 84 Class 730 Alstom Aventra EMUs and 26 Class 196 CAF Civity DMUs
  • The CRIL fleet was specifically designed to enhance passenger journeys across both local Birmingham routes and the London commuter route
  • Based on proven technology from successful Alstom and CAF platforms, The CRIL fleet’s innovative features set a benchmark for commuter rail services in the UK



  • DC Advisory (DC) was appointed as financial advisor to CRIL in connection with the refinancing of its term loan facility
  • DC supported CRIL throughout the refinancing process and successfully delivered a number of detailed work streams, including:
    • key marketing materials;
    • due diligence;
    • financial modelling;
    • debt structuring; and
    • documentation negotiations



  • DC secured a highly attractive refinancing package executed on competitive terms, which included:
    • Steady state capital structure that removes refinancing risk, and aligns the debt to the useful economic life of the trains
    • Long term capital locked in place at attractive rates, protecting CRIL from market volatility
    • Introduction of new institutional lenders in the capital pool, diversifying the lender base and giving CRIL further options for future capital to support investment in the fleet
    • Secured documentation platform which introduces ESG obligations and supports the pathway to net-zero
  • DC leveraged its extensive knowledge and experience of the rolling stock market to successfully lead this process, and this transaction further strengthens DC’s experience in advising on complex refinancings