Lineas entered sale and lease-back agreements for a fleet of wagons and locomotives of Beacon and Ermewa. The deal covers the sale and long-term leaseback of 109 T77 diesel locomotives which will happen gradually in the period 2021-2023, as well as approximately 4.000 wagons in 2021.
“This sale and-leaseback transaction is an important step towards our transformation into an asset-light company, keeping long term access to these strategic assets, whilst at the same time increasing the flexibility to up and down scale in a continuously evolving market environment,” Jan De Raeymaeker, CFO of Lineas said.
The transaction will allow Lineas to reimburse entirely its senior credit facilities, further strengthen its financial buffers, increase flexibility going-forward and provide additional financial means to invest in the further transformation of the company and its European growth strategy.
“We look forward to supporting Lineas in their drive for continued modal shift across the European rail network through enhancements to these assets and future growth opportunities,” Rob Dee, the chief commercial officer (CCO) of Beacon said.
As a result of the transaction, Lineas will continue to use the assets in its day-to-day operations as well as remain the entity in charge of their maintenance.
“We are honoured and proud to have been selected by Lineas for this sale and lease back transaction, allowing Lineas to invest the freed-up capital in growth and business transformation projects,” David Zindo – President of Ermewa Group said.
The transaction will allow Lineas to join forces in the development of the Digital Automatic Coupling (DAC) and the European Train Control System (ETCS), which “are essential in making our rail offering even greener and more efficient”, Kurt Coffyn, the chief operating officer (COO) of Lineas explained.
The move is a step forward to implement Lineas’ Modal Shift programme which includes the delivery of superior rail products and services to convince the customers to shift the transport of their goods from road to rail.
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