On February 2010, Crédit Agricole CIB signed the financing of the PPPPublic-Private Partnership describes a government service or private business venture which is funded and operated through a partnership of government and one or more private sector companies. project consisting in modernising the trains’ communication system on the whole French railway network. The grantor is Réseau Ferré de France (RFF) and the sponsors in the project are Vinci Concessions, Vinci Energies, Axa Infrastructure funds, TDF and SFR.

Crédit Agricole CIB acted as 100% underwriter, sole bookrunner, coordinating arranger, hedging bank, facility agent, security agent, intercreditor agent and account bank. Crédit Agricole CIB, along with Crédit Agricole Leasing, participating in the facilities as lead arranger, holds a final commitment in the financing of EUR 121 million out of the total EUR 567 million debt. The banks pool gathered Bayern LB, Banca IMI, BBVA, Dexia, KFW, SMBC and Santander, with financing tickets of circa EUR 65 million.

This project is the first rail PPP in France. It is being followed by jumbo rail deals in which Crédit Agricole CIB has been very active and expects to play a major role: HSRL Tours-Bordeaux, HSRL Bretagne-Pays de la Loire, Nîmes-Montpellier By-Pass, La Réunion Tram-Train, CDG Express. It is as well the largest French PPP so far and the first PPP involving both EIB and Caisse des Dépôts et Consignations Fonds d’Epargne, that finance the whole Dailly financing tranche in the deal.

Crédit Agricole CIB has been involved in this transaction from its very early stage in 2006. In order to secure the Consortium final offer, the Bank provided a fully underwritten proposal to the Consortium, which was all the more notable that this was in the midst of the Lehman’s collapse in late 2008 and that no underwritings were being offered elsewhere in the market at that time. The continuous support of Crédit Agricole CIB during 2009 allowed the deal to proceed, be successfully syndicated and recently closed.

This landmark deal further confirms Crédit Agricole CIB’s global leadership in the Infrastructure finance market. It also demonstrates the Bank’s expertise and commitment to deliver to key clients complex and innovative transactions even over troubled times.