China: Hong Kong MTR Corp has arranged an HK$3bn revolving loan facility with a 12-bank syndicate to fund capital investment and refinance debts over the next four years.

France: On September 9 RFF launched another 250m euros issue of 10-year bonds retiring in April 2009, paying 5·6%.

Great Britain: Angel Train Contracts is to raise £480m to finance the purchase of 53 tilting trains for Virgin West Coast, by means of a bond issue secured against future leasing payments from the operator. The proceeds will be used to refinance a bridging facility from ATC’s parent The Royal Bank of Scotland, also lead arranger for the issue.

Freightliner has signed a £23m contract with Forward Trust Rail Ltd to lease 15 Class 66 locos for eight years. To be delivered by General Motors in summer next year, they will haul infrastructure materials for Railtrack (RG 9.99 p558).

New Zealand: Tranz Rail’s unsecured debt of NZ$140m has been put under review pending a possible downgrading by credit rating agency Moody’s. The latter cited aggressive capital spending and declining performance in a difficult market as causes for concern.