Rail finance

Ranked amongst the top firms by leading legal directories for rail finance, our award-winning team has a well-established reputation for excellence. We have extensive international experience in all areas of rail finance, including regularly advising financiers on new markets, new fleets of rolling stock and portfolio transfers as well as infrastructure investment.
  • Profile
  • Experience
  • Key contacts

Our award-winning team is led by partners who all have deep industry knowledge and expertise across a range of jurisdictions.

We advise on both single-jurisdiction and cross-border financings including complex loan financing transactions, leasing transactions, and portfolio transactions. We are acknowledged market leaders for advice on the development of new and innovative financing structures for the global rail sector and are the "go to" counsel for an impressive group of leading clients.

We regularly host top table dinners, conferences, seminars and forums which facilitate discussion within the industry and regularly contribute to industry press.

Our team works with a network of international counsel who are experts in the rail sector to deliver specialist advice around the world.

Twitter: @legalrail

Advising a significant number of financiers on their entry into the rolling stock leasing market, ranging from initial sector legal due diligence to portfolio acquisitions and financings.

Advising a wide range of financiers on their bids to procure, finance and lease rolling stock, both for new-build fleets as well as existing fleets, including advising a bidder for the world's largest rolling stock project to date – the £5bn+ PPP project to provide 3,600 vehicles to PRASA in South Africa.

Advising on the development of innovative financing solutions, including structures involving:

  • transport authority usage undertakings,
  • operating lease financings, and
  • bond financings.

Advising on the financing and leasing of new rolling stock supported by public lending institutions including the European Investment Bank.

Advising on the financing of major upgrades and modifications to existing fleets of rolling stock.

Advising financiers on all regulatory, financing and leasing aspects of the development and purchase of maintenance depots.

Advising on the financing of infrastructure enhancements, ranging from signalling equipment to revenue management equipment.

"They're very commercially astute and have made the effort to understand our business."
Chambers UK 2015

Lawyer

Graeme McLellan Partner

T:  +44 20 7809 2618
M:  +44 7976 363 769 Email Graeme | Vcard Office:  London

Latest news & insights

05 Jul 2016

From Insights

Brexit and the UK railways industry: So long and thanks for all the TSIs…

23 June 2016: a day which will go down in history as the day Europe and the UK changed forever. Since the "First Railway Package" of legislation was introduced in the ..

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29 Jun 2016

From Insights

Future Shape and Financing of Network Rail; What Next for Network Rail?

This article summarises the main themes from Stephenson Harwood's two breakfast events.

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08 Jun 2016

From Insights

New entrants are tasting success in financing rolling stock

Graeme McLellan writes for Global Transport Finance as new entrants are taste success in financing rolling stock

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02 Jun 2016

From Insights

Great Britain passenger rail: the current expected timetable

We provide a helpful one-page summary diagram of the current expected timetable for Great Britain's passenger rail franchises and concessions.

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25 Feb 2016

From News

Stephenson Harwood, Bond Dickinson and CMS advise on first of its kind £200 million-plus rail finance deal

Stephenson Harwood LLP, Bond Dickinson and CMS advised on the £200 million-plus financing of a replacement suburban train fleet for Govia Thameslink Railway (GTR).

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28 Jan 2016

From News

Stephenson Harwood, Osborne Clarke and Clyde & Co advise on €600m new-build rolling stock deal

Stephenson Harwood advised CAF on €600 million procurement of two substantial new fleets of CAF-built Civity UK rolling stock units that will serve the Northern passen..

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03 Apr 2015

From Insights

Media coverage: Rail Professional - Get on board with the risks of ERTMS

Tammy Samuel and Darren Fodey write for Rail Professional on the legal issues around ETCS should things go wrong.

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03 Apr 2015

From Insights

Media coverage: Passenger Transport Magazine - End of the line for the private sector?

Labour has a radical vision for Britain's railways, but what are the implications, ask Tammy Samuel and Farah Al-Hassani.

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09 Oct 2014

From Insights

Media coverage: Railway Strategies – Opportunities for rail in Qatar - a goal-den opportunity?

With the world cup 2022 an immovable deadline, Qatar is moving quickly to construct a railway network. Darren Fodey discusses the opportunities this creates for both m..

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08 Sep 2014

From Insights

Media coverage: Railway Strategies - Customer satisfaction

We look at the new focus on customer satisfaction, and the role NR PS is likely to play in decision making and auditing performance.

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08 Sep 2014

From Insights

Media coverage: RFG news - Signalling: proceed with caution

The introduction of ERTMS is something which all rail businesses - particularly freight - need to engage with now.

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04 May 2014

From Insights

Media coverage: Railway Strategies - Liberalising European railways

We review the European Commission's Fourth Railway Package and its likely effect on competition within the rail market.

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31 Mar 2014

From Insights

Media coverage: RAIL - The legal side of dealing with train disruptions

We consider some of the legal issues associated with the effect of flooding and climate change on the railways.

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02 Oct 2013

From Insights

The Fourth Railway Package: a fair balance?

In December 2012, the existing Railway Packages were recast, with the aim of clarifying and simplifying the existing legislation - we examine.

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02 May 2013

From News

Stephenson Harwood appoints new rail partner

Tammy Samuel has joined the rail team at international law firm Stephenson Harwood LLP. Tammy joins from Dentons, where she was a partner in the rail group.

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© Stephenson Harwood LLP 2016. Any reference to Stephenson Harwood in this document means Stephenson Harwood LLP and/or its affiliated undertakings. Any reference to a partner is used to refer to a member of Stephenson Harwood LLP.