porterbrook leasing company
 

November 2011

23.11.11

Golden Spanner Awards – November 2011

Porterbrook fleets won 9 of the 12 categories for excellence in rolling stock maintenance at the prestigious Golden Spanner Awards. The most ever won by one rolling stock company.

The awards are allocated on the basis of progress shown in the Minutes Per Technical Incident (MTIN) and Delay Minutes Per Incident (DPI) statistics.

Gold:
Ex BR EMU South West Trains – Class 455
Ex BR DMU South West Trains – Class 158
Pacer Arriva Trains Wales – Class 143
IC125 Cross Country – IC125
New Gen DMU Southern – Class 171
New Gen EMU London Midland – Class 350/2

Silver:
Ex BR DMU National Express East Anglia – Class 153
Intercity First Great Western – IC125
New Gen DMU Southern – Class 171

October 2011

10.10.11

Class 57 Locomotives leased to Network Rail

In September 2011 Network Rail signed a lease for 6 Class 57/3 locomotives recently handed back by Virgin Trains as they were no longer required for operation with train operator West Coast.

The locomotives numbers 57301, 57303, 57305, 57306, 57310 and 57312 will be used for specialist seasonal duties south of the River Thames.

The main role for the locomotives at Network Rail will be to provide traction for 6 new carriages which are being specially built to clear snow and ice from the railway in the South East.

July 2011

21.07.11

Porterbrook Awards Overhaul Contract to RailCare

Porterbrook has awarded a contract to RailCare for C6 overhauls to Class 153 and 156 fleets.

As part of the overhaul Porterbrook has taken the decision to undertake the additional work necessary to make the Class 156 fleet compliant with the 1 st January 2020 Passengers of Reduced Mobility Technical Specification for Interoperability (PRM TSI) regulations. This means that rather than replacing the fleet before that date with new trains the 156s will be available to the next long term franchisee for the full length of the franchise if so required.

The additional work will include a revised seating layout to provide priority seats; two wheelchair spaces with “call for aid” buttons; a new universal toilet ensuring adequate wheelchair access also fitted with a “call for aid” button, and a passenger information system (PIS).  In addition the interior doors between the vestibules and passenger compartment will be removed, external door sounders will be fitted and handrails replaced.

It is Porterbrook's belief that this is the first of the Sprinter/Super Sprinter series of trains to be made compliant with the regulations and demonstrates that modification is an economic and viable alternative to replacement.

Consideration was also given to undertaking similar work on the Class 153 stock but it was felt that, currently, it was more difficult to make the economic case because of the level of work needed on a single car unit. However, further investigation work will be carried out as will the possibility of reconfiguration into fixed 2-car units.


05.07.11

Porterbrook successfully completed its refinancing programme during June, following the issue of a single tranche £250m bond.  At the same time the company agreed amendments to its senior loan facilities, extending their maturity to June 2016.  The amended facilities are provided by a group of five banks: BNP Paribas, Crédit Agricole Corporate & Investment Bank, Commonwealth Bank of Australia, Lloyds TSB Bank and The Royal Bank of Scotland.

JP Morgan and Milbank have acted as advisors on Porterbrook's refinancing programme which commenced with a £520m dual-tranche bond issue in June 2010 and a long-term £250m amortising loan facility with MetLife Inc., completed in May 2011.

Porterbrook's Managing Director, Paul Francis, said “We are pleased to have completed our refinancing programme which places the company on a very sound financial footing by spreading out the respective debt maturities and significantly diversifying our funding sources.”

June 2011

06.06.11

Porterbrook has reached agreement with GB Railfreight (GBRf) to take delivery of ten Class 66/4 locomotives.

The locomotives, which were originally delivered in 2003 and operated by Direct Rail Services, have been utilised by a number of operators since their return, including GBRf, but this new arrangement will see GBRf purchase 5 of the locomotives outright and take the other 5 on a 7 year lease.

May 2011

23.05.11

Porterbrook Leasing Company Limited (“Porterbrook”) has completed the purchase of 7 Class 155 units and 10 Class 144 Centre Cars from West Yorkshire Passenger Transport Executive; also known as Metro.

The 2-car Class 155 Diesel Multiple Units are the only units of this class in existence as the remainder were subsequently converted as single car Class 153s. The Class 144s are likewise unique being the only ‘Pacer' centre cars to be manufactured and they currently operate with Porterbrook owned Class 144 2-car units.

Both fleets are leased by Northern where they will remain until at least the end of the current franchise.


20.05.11

On 19 May 2011, Porterbrook successfully completed the next stage of its refinancing programme with a new £250 million sterling loan facility. The proceeds have been used to prepay certain senior term loans which Porterbrook entered into in 2008 following its acquisition by the current owners, a consortium led by Deutsche Bank AG.

The 25 year amortising facility (with a 20 year weighted average life) has been provided by MetLife Inc. on a bi-lateral basis with terms substantially in line with the existing EMTN programme.

The facility was rated BBB by Standard & Poor's.

Paul Francis, Managing Director for Porterbrook said “Porterbrook management and shareholders are pleased to have successfully raised £250 million and further diversified the Group's funding sources. The facility has the longest maturity in the sector and comes with no additional covenants than our existing bonds which we issued in 2010.

The new long term facility significantly reduces the Group's refinancing risk by halving the amount of term debt maturing in late 2013, meaning that we are less exposed to market conditions when we look to complete a further bond issue over the next 12 to 18 months.

Porterbrook recognise the significant contribution made by our advisers J.P. Morgan and Milbank in executing the loan facility. We look forward to a long and successful relationship with our new debt provider, MetLife Inc.”

March 2011

Porterbrook has reached agreement with GB Railfreight (GBRf) to take delivery of ten Class 66/4 locomotives.

The locomotives, which were originally delivered in 2003 and operated by Direct Rail Services, have been utilised by a number of operators since their return, including GBRf, but this new arrangement will see GBRf purchase 5 of the locomotives outright and take the other 5 on a 7 year lease.


With effect from May 2011 the c2c franchise operated by National express will be extended to by 2 years to 26 May 2013. In line with this Porterbrook has been able to secure a new lease for the 46 x 4 car class 357 EMUs currently on lease to the franchise.

The class 357 fleet was delivered new in 2000, is Porterbrook's second largest new EMU fleet and has for the majority of that time been the most reliable new train fleet in the country.

 
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Porterbrook Leasing Mid Company Limited (Registration No. 7007965), Porterbrook Leasing Company Limited (Registration No. 2912662), Porterbrook Maintenance Limited (Registration No. 3657463), Porterbrook Leasing Asset Company Limited (Registration No. 635030), Porterbrook March Leasing (4) Limited (Registration No. 2682768) are registered in England and wales.  VAT Registration No. 927439496. Registered Office Ivatt House, 7 The Point, Pinnacle Way, Pride Park, Derby DE24 8ZS