Ashurst advises the existing and new funders on the refinancing of Corelink's rolling stock to West Midlands Rail

The transaction involved the refinancing of Corelink's £248 million Term Loan 1 Facility with new fixed rate private placement notes purchased by Aviva Investors and Pension Insurance Corporation. The refinancing also involved a new debt service reserve facility from NatWest. NatWest also continue to act as agent and security trustee on the transaction.

The Ashurst team was led by global markets partner Alex Biles. He was supported by senior associate Kavisha Bilimoria and associates Benjamin Suthers, Emma Bridger and Charlie Wilson.

Partner Alex Biles commented, "It has been a pleasure advising funders on another important transaction for Corelink. The new long-term PP funding provided by Aviva Investors and PIC marks completion of another important milestone for Corelink and we're delighted to have been able to help funders deliver that long-term funding in a well-executed transaction."