Ashurst advises BayernLB and Siemens Bank on sale-and-lease-back financing of 25 ICE 3neo trains for DB Fernverkehr

Ashurst advised Bayerische Landesbank (BayernLB) and Siemens Bank GmbH on the financing of a large-scale sale-and-lease-back transaction involving 25 ICE 3neo high-speed trains for DB Fernverkehr AG (DB FV). The consortium, led by BayernLB with participation from Siemens Financial Services (SFS), provided close to one billion euros in financing. The financing complies with the Green Loan Principles and is aligned with the EU Taxonomy. The structure combines a long-term operating lease with an open residual value and enables DB FV to operate each train for ten years while retaining responsibility for maintenance and overhaul at its own ICE facilities. The framework is based on a master agreement structured by DAL Deutsche Anlagen-Leasing (DAL), under which individual lease agreements are entered into. DB FV is deploying this model for ICE trains for the first time to increase flexibility in fleet management and to accelerate the modernisation of its ICE fleet. The transaction is intended to strengthen DB FV’s financial capacity and to serve as an example of sustainable mobility financing. Following an international market sounding, the BayernLB- and SFS-led consortium was selected to structure the leasing arrangement and the financing. Comprehensive contractual documentation was negotiated and finalised among the transaction parties within three months. To deliver the full financing volume, BayernLB brought additional national and international banks and investors into the consortium. Ashurst represented Bayerische Landesbank (BayernLB) and Siemens Bank GmbH with a team composed by: Derk Opitz (Frankfurt); Dr Tobias Bürk (Frankfurt); Ariana Fazlic (Senior Transaction Lawyer, Global Loans, Munich); Ena Kartal (Senior Transaction Lawyer, Global Loans).

Ashurst advises BayernLB and Siemens Bank on sale-and-lease-back financing of 25 ICE 3neo trains for DB Fernverkehr

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