Paris—As part of the opening to competition of rail services in France (further to the New Railway Pact of June 27, 2018), the regions of Nouvelle-Aquitaine and Occitanie have decided to acquire regional express trains from SNCF Voyageurs. 

The two regions have come together to create a local public company (SPL) of which they are currently the only shareholders. Under two concession contracts (one per region) concluded respectively on June 6 and 7, 2024, each region has entrusted the SPL with the management of its rolling stock. This equipment will be made available by the SPL to selected railway operators for the operation of the regional rail transport service.

In order to pay for the transfer of rolling stock, the SPL has obtained structured financing of approximately €1.2 billion from Caisse des Dépôts et Consignations (CDC) - which provided approximately €333 million - the European Investment Bank (EIB), and a pool of commercial lenders.

Dentons advised the CDC, with a Paris-based team composed of partner Jean-Marc Allix and associate Simon Leduc on the financing aspects, and partner Dorothée Griveaux on the public law aspects.

The pool of commercial lenders was advised by Gide and the EIB by White & Case. The Nouvelle-Aquitaine and Occitanie Regions and the SPL were advised by the firms OYAT (public law) and Simon Associés (financing). The financial advisor to the Regions and the SPL was Ernst & Young.

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