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Financing for leasing companies

We finance investments made by German and European leasing companies and encourage competition on the tracks.

Leasing companies rent rail vehicles out to rail operators, allowing them to flexibly structure their costs and preventing a long wait for rail vehicles to be produced. Thanks to our many years of experience and presence in this market segment, we can offer our customers flexible and tailored financing structures.

Financing case AAE: KfW IPEX-Bank is leading a consortium for innovative refinancing

One example of the support given to a European leasing company is the refinancing of the freight wagon pool of AAE (Ahaus Alstätter Eisenbahn), a company based in Switzerland. With around 30,000 freight wagons, the AAE Group is counted among the leading leasing companies in the European freight transport industry, and in 2012, it refinanced part of its portfolio through an innovative financing structure. KfW IPEX-Bank was involved in the EUR 290 million financing as consortium leader, providing a contribution of EUR 55 million. Other lenders were HSH Nordbank and two private investors, Pricoa Capital Group and Otto Beisheim Holding.

Tapping into long-term sources of financing

"With this innovative structure, we are taking our long-standing and successful co-operation with AAE to a new level," explains Michael Nosbüsch, Global Head of Aviation and Rail at KfW IPEX-Bank. The financing not only combines the very different requirements of a leading global insurance group (Pricoa Capital Group), a family office (Otto Beisheim Holding) and two banks within a shared structure, but also offers the customer the opportunity to tap into new long-term sources of capital. The transaction is collateralised by a pool of altogether 4,830 freight wagons and the associated leases. EUR 140 million will be provided over ten years based on a combination of fixed and variable interest rates, while EUR 150 million will be provided for six years on a variable basis.

Financing at a glance:

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Project profile
  • Financing contribution: EUR 290 million
  • Tenor of private financing: 10 years
  • Collateral: Pool of 4,830 freight wagons incl. lease revenues
Contribution of KfW IPEX Bank
  • Arranger, facility agent and security agent
  • Financing contribution: EUR 55 million
  • Term of bank financing: 6 years with steep repayment