In the course of 2023, the Apex Rail team provided strategic advice to Coras Iompair Éireann and Irish Rail in respect of a dispute with a taxation authority in Ireland. The issue, a valuation exercise of Irish Rail rolling stock assets over many years, was highly technical and complex, yet Apex dealt with their role ably and efficiently and provided advice which was concise, clear, and extremely helpful.

The matter required reactiveness and availability, often at short notice. This was never a
problem for Apex who met every deadline required.

The quality of the analysis and advice received from Apex Rail enabled Coras Iompair Éireann and Irish Rail to achieve an outcome considered to be highly satisfactory in the circumstances.

I am available to provided additional feedback as required, but would have no hesitation in recommending Apex Rail for similar roles.

In the course of 2023, Apex Rail supported us in the divestment of a portfolio of non-strategic assets.
They managed the entirety of the process from origination to closing with the utmost professionalism.
Thanks to their network we had the opportunity to receive several competitive offers from very different types of bidders, leading to the optimization of the sale outcome.
Availability of the team were key qualities that allowed us to navigate in a sensitive environment. The combination of their qualities and competencies helped us delivering the best value possible for our assets.

LNER procures new intercity trains from CAF, financed by Porterbrook

Apex Rail recently played an important role in supporting LNER (London North Eastern Railway) to close the procurement and operating lease financing of 10 new tri-mode intercity trains to be built by CAF.

Apex Rail was engaged by LNER to support us in structuring and executing a Financing Procurement Process on the basis of an 'Invitation to Negotiate' approach. The transaction from Apex Rail's side was led by Bart van Horssen and Markus Fröhlich. Their advisory scope covered the development of a robust framework for the financing of the trains – all of which had to comply with the procurement regulations - but also the cultivation of a competitive environment amongst financing providers.

This accomplishment exemplifies Apex Rail's dedication to facilitating and navigating rolling stock financing of all types. Their team's expertise in successfully managing multi-party transactions and arranging competitive operating lease financing for technically more complex rolling stock (due to the tri-mode traction capabilities) in today's ever-evolving economic and ESG landscape has played a key role in closing this transaction.

We appreciate Apex Rail's contribution to this process and look forward to witnessing the positive impact these new trains will have on LNER's operations and the communities they serve.

Apex Rail was mandated by Central Saxony Transport association (VMS) to provide a financing package for the procurement of 19 electric tram trains for the Stadtbahn Chemnitz, the construction of a new railway depot for the maintenance of these vehicles and any future fleet extension as part of the "Chemnitzer model" plus a refinancing of an existing depot. At the end of march 2022, corresponding to the financing for these capital goods totaling around €189 million the transaction was successfully completed with the participation of the European Investment Bank (EIB), KFW Ipex-Bank and Nordlb. the mandate included the use of suitable interest rate hedging instruments. We are very satisfied with the support and preparation of the financing solution and would like to thank Apex Rail for their ongoing commitment combined with a high degree of professionalism over the entire duration of the mandate.

Apex Rail advised Lineas in the structuring and realization of two major sale & lease back transactions for more than 100 T-77 locomotives and a portfolio of 4,000 wagons. With Apex Rail managing a competitive bidding process for us until the selection of the preferred investors, we were able to maximize the value of the transactions for Lineas in a way that would otherwise not have been possible. Their broad knowledge of the market, their extensive investor network and the professionalism in their approach have been instrumental in the success of this complex transaction.

Apex Rail has supported MTR Nordic for many years - with the Apex Rail team arranging the first financing for MTR Express' new EMUS from Stadler in 2014, when it was still a start-up. Apex Rail has been supporting the company throughout including the lease restructuring in 2017-18 and the strategic planning of the outstanding balloon refinancing at the lease end in 2024.
MTR Nordic had the intention to expand MTR Express open access business through the acquisition of a fleet of new intercity high-speed trains where Apex Rail structured and raised operating and finance lease solutions at competitive terms. This work included an international fundraising exercise seeking both equity, debt and ROSCO-type financing for different manufacturers and rolling stock types from European and Asian manufacturers, making use of ECA support.
MTR Nordic benefited from Apex Rail's extensive experience of open access rolling stock financing from previous transactions across Europe. Apex Rail has a solid understanding of the full commercial risk profile (due to the global Covid pandemic the transaction had to be put on hold).
Apex Rail has developed the financing strategy for the transactions, the detailed structuring and fundraising through a limited international auction amongst reputable financing partners with a track record in the rail sector.
We have been impressed with the strong dedication that the Apex Rail team invested into our financing projects, their innovative approach to deal with challenging situations and yet their reliable way of handling the process and keeping deadlines. Most important of all, Apex Rail delivered what was promised and proved being able to successfully conclude the tasks.