• The Three Seas Initiative Investment Fund (3SIIF), is a dedicated commercial fund targeting essential infrastructure investments in the Three Seas region, that:
    • Targets investments that improve connectivity and cooperation,
    • Accelerates economic development by expanding state-of-the-art infrastructure; and
    • Supports supply-critical long-term assets
  • Amber - a specialist international infrastructure investment manager, was appointed in February 2020 as the exclusive investment adviser to 3SIIF
  • Cargounit is a leading Polish rolling stock leasing company, with more than 175 locomotives and c. 36% market share in Poland, and was previously owned by Abris Capital Partners (Abris), a leading CEE private equity firm
  • 3SIIF acquired Cargounit in October 2020 with DC Advisory (DC) acting as M&A advisor
  • Cargounit was financed by three incumbent banks. These facilities had to be refinanced and further debt was sought to support the growth of the business



  • Cargounit engaged DC Advisory to act as exclusive debt advisor across all aspects of the envisaged financing
  • DC orchestrated a competitive multi-layered financing process involving incumbent lenders, as well as numerous international, supranational and local Polish banks with substantial experience in the rail sector
  • DC supported Cargounit throughout the financing process by advising across work streams such as:
    • Process strategy and negotiation tactics
    • Negotiating with incumbent banks
    • Refinancing existing debt and raising capex facility commitments to facilitate acquisitions of locomotives
    • Financial modelling
    • Coordination of lender due diligence
    • Advice on transaction documentation including SFA, ICA and hedging agreement



  • DC ensured all work streams were successfully completed during a complex process

  • DC secured financing commitments from seven leading international and local Polish banks resulting in 40% oversubscription to the initial financing ask

  • DC delivered Cargounit’s key objective to secure a highly attractive financing package allowing Cargounit to pursue its growth objectives, comprising:
    • A term loan to refinance the existing debt and pay transaction costs
    • A committed capex facility to grow the business
    • A working capital facility to fund modernisations and operational needs
    • An uncommitted facility significantly enlarging the size of the committed capex facility is documented
  • This transaction substantiates DC’s strong expertise in the Polish and European infrastructure sector