Rail & Bus Finance

Our international rail and bus finance team helps financiers navigate new market entry, invest in infrastructure, and manage new fleets or portfolio transfers.

We understand your need for clear, practical advice that supports your business goals and manages risk.

With deep experience in both single jurisdiction and cross-border financings, we guide clients through complex loan arrangements, leasing, and portfolio transactions. We are recognised for developing innovative financing structures tailored to the evolving needs of the global rail and bus sectors.

‘

Rank 1 – Rail’

The Legal 500 UK 2025

Clients trust us as their first choice for rail and bus finance advice because we deliver solutions that help them seize opportunities and achieve successful outcomes.

Our Services

Providing strategic financial support to the rail and bus industries.

Zenobē Energy
Acting for Zenobē Energy, on £20 million receivables financing with NatWest in respect of the fixed income streams under lease agreements for bus chassis and embedded lease contracts for bus batteries and charging infrastructure. Advised for over a year on the underlying contracts with numerous bus operators around the UK. More recently, concluding an availability contract with National Express.
Corelink
Advising Corelink Rail Infrastructure Limited, as financier, in relation to the procurement and leasing arrangements for over £500 million of new trains. The new rolling stock was purchased from Alsom and CAF, and are operated by West Midlands Trains on the UK rail network. We have also supported on issues relating to the delivery of the fleets.
Norwich Crown Point
Advising on the debt financing for the substantial upgrades of the light maintenance rail depot at Norwich Crown Point. These upgrades were part of the Transport UK Group franchise bid and were necessary to accommodate their upgraded fleet.
Wales and Borders
Advising on the debt and equity financing and associated security documents for the innovative £1.2billion funding and leasing for an entirely new fleet of trains for the Wales and Borders franchise. Also advised the financier in relation to all associated manufacture and supply agreements and leasing arrangements.
Touax
Advised Touax on a USD60,000,000 Secured Facility Agreement and a 16,633,000 Euro bond private placement.

Awards and Recognition

Chambers UK 2025

"The firm's ability to handle vast amounts of complex information, distilling it and advising on the risks in short timeframes, is impressive."

Chambers UK 2025

"The team at Stephenson Harwood are extremely responsive and always make themselves available to advise on short notice."

The Legal 500 UK 2025

"The whole team understand our specific industry really well and the business issues this creates for us. An organisation which clearly cares about its own people."

Chambers UK 2025

'Rank 1 – Rail: Franchising and Concessions, Rank 2 – Rail: Rolling Stock, Rank 3 – Rail Finance: Asset Finance and Rail Infrastructure'