Go-Ahead Group
Joint Global Coordinator, Bookrunner, Underwriter and Initial Mandated Lead Arranger for long-term financing for growth and decarbonisation plans
Joint Global Coordinator, Bookrunner, Underwriter & Mandated Lead Arranger on Refinancing Debt Package for Go-Ahead Group Ltd
Go-Ahead Case Study
Standard Chartered Bank were pleased to support The Go-Ahead Group Limited in their recent refinancing, acting as Joint Global Coordinator, Bookrunner, Underwriter and Initial Mandated Lead Arranger.
The new debt facilities will put in place a long-term financing structure, which will refinance existing debt facilities and support the existing operations, whilst providing essential funding to implement the group's corporate strategy over the next five years.
The group's strategy is centered around a long-term decarbonisation plan and growing the business, both organically and through acquisition. The company is committed to deploying a zero-emission UK fleet by 2035.
The financing included a term loan, capital expenditure facility and a revolving credit facility.
The refinancing also included a seven-year private placement note.
Go-Ahead was taken private in October 2022 through a joint venture between Kinetic, a leading Australian and NZ bus operator, and Globalvia, a Spanish infrastructure investor.
The bank facilities were over-subscribed and successfully syndicated to a group of international banks in October 2023.
Standard Chartered Bank congratulates the company on the successful transaction.
Our new bank debt facilities mark a milestone in the relationship with our core bank group and supports the ambitious growth strategy of The Go-Ahead Group. Rabobank, KfW IPEX-Bank and Standard Chartered took the lead in arranging, underwriting and syndicating this landmark transaction. Thanks to the deal teams for excellent cooperation
Go-Ahead is one of the UK’s leading public transport operators, employing 27,000 people across its bus and rail operations in Britain, Singapore, Ireland, Sweden, Norway, Germany and Australia.
In the UK, the group operates a quarter of London’s buses and has a network of regional bus companies outside the capital.
On rail, Go-Ahead runs the UK’s largest railway franchise, Govia Thameslink Rail Franchise, which consists of Thameslink, Great Northern, Southern and Gatwick Express services, through a joint venture with Keolis. Go-Ahead’s rail operation in the UK is responsible for over 30% of all train passenger journeys.
Internationally, Go-Ahead operates rail contracts in Norway and Germany.
Out of its 5,925-strong fleet of UK buses, Go-Ahead has 474 zero-emission vehicles, with another 512 in the pipeline, making it the largest operator of electric buses in the UK.
Go-Ahead is committed to deploying a zero-emission fleet by 2035. The shareholders, Kinetic and Globalvia, bring in their expertise from around the globe: Kinetic is a major bus operator in Australia and New Zealand with extensive electrification experience, and Globalvia is a leading ESG infrastructure business with a presence in Spain, Portugal, Ireland, USA, Costa Rica and Chile.
We are delighted to have supported the refinancing of The Go-Ahead Group as Joint Global Coordinator, Bookrunner, Underwriter & Initial Mandated Lead Arranger. The oversubscription of the transaction is testimony to the strong credit quality of the business. Its strategic goals, centred on ambitious growth plans and long-term decarbonisation plans such as the electrification of its UK bus networks, are well received by the market
For more information on the company visit:
Standard Chartered part of international banking group to provide financing for The Go-Ahead Group | United Kingdom (sc.com)
https://www.go-ahead.com/
We are a leading international banking group, with a presence in 53 of the world’s most dynamic markets and serving clients in a further 64. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.
For more stories and expert opinions please visit Insights at sc.com.
