Eversholt sale update

This from Reuters...

AMSTERDAM (Reuters) - CVC Capital Partners and a consortium of Morgan Stanley Infrastructure, 3i Infrastructure and Star Capital have made indicative offers in the 2 billion pound ($3.1 billion) auction of HSBC's rolling stock firm, several people familiar with the matter said.

Looks like another nail in the coffin for investment in new rolling stock.

UPDATE: This from Gordon Gecko..

In fact the staple debt linked to the Eversholt sale reportedly includes £200 million for capital investment.

And DfT won't be able to afford the lease rentals on new trains after May 6 so the HLOS 1300 is nearer 700.

But no new trains means a lot more refurbishment, re-engineering and life extension.

We guys in red braces call it 'polishing the assets'.

Pssst - want to buy a Rosco, going cheap

So HSBC is still trying to flog its rolling stock leasing division (Rosco).

This from Project Finance Magazine:

Bidding consortia are forming for the sale of HSBC's UK rolling stock portfolio. The bank, which owns around a quarter of the UK's rolling stock, is said to be putting together a staple financing, where the seller offers a pre-packaged acquisition finance plan to potential buyers.

As HSBC Rail (nee Eversholt) was originally set up to be the electric train Rosco the decision to increase the number of route miles under the wires must add something to its potential value.

Although the greatest risk to HSBC's fleet portfolio was DafTs insane idea to seek early replacement of the highly reliable East Coast IC225 fleet with the Frankenstein Train.

But as the IEP is now hurtling to oblivion, bidders must be queuing up to take a punt.

Parting gift

This from Thameslink Tommy...

"The surprise departure of Elaine Holt, our highly regarded MD, quickly circulated around the industry. Judging from the response, you were as shocked as we were.

"Of course First has form; Long, Haines, Forster... But it also looks after it's own. So despite yesterday's announcement Elaine remains in place till Friday.

"One of her final duties this week was to oversee the transfer of maintenance at Hornsey Depot from Bombardier to FCC's own in-house team.

"So even on her way out she leaves the TOC a better place. We shall miss her!"

The Fact Compiler is intrigued.

Fleet owner HSBC Rail would have needed to agree this change in the 365s' maintenance regime.

Is all not well between Montréal and Shanghai?

Unperson

Don't you just love banks?

The Fact Compiler has received a communication from HSBC's very own Ministry of Truth.

It announces HSBC's new management team.

"Following a recent internal review, HSBC Rail is pleased to announce its new management team for the business. Mary Kenny has been appointed Chief Operating Officer, blah, blah, blah..."

But what's this?

Not a word about the HSBC Rail's former top man Peter Aldridge who was done over during the bank's very own night of the long knives.

Railway Eye has a longer memory.

Therefore as a service to the industry and to help the alzheimer suffering bankers of Hong Kong and Shanghai here is a picture of their former guv'nor.


HSBC may be the "World's local bank" but it's evidently still run by a bunch of wankers bankers.