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2003-06-27 NET-001
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Network Rail signs £4 billion euro commercial paper programme and U.S. commercial paper program


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Network Rail

Network Rail signs £4 billion euro commercial paper programme and U.S. commercial paper program
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date
27 June 2003
source Network Rail
type Press release



National

Network Rail yesterday signed a £4 billion euro Commercial Paper Programme and U.S. Commercial Paper Program. It intends to commence issuing notes in early July in various currencies in the euro and U.S. markets.

Merrill Lynch is the arranger of the programme. The dealers are Barclays Capital, Citibank, HSBC, Merrill Lynch, RBC, Royal Bank of Scotland, UBS and WestLB. The CP programme is supported by a £4 billion standby loan facility provided by the Strategic Rail Authority and a £1 billion standby commercial bank liquidity facility. Network Rail CP Finance plc has been assigned the highest short-term ratings - a P-1 rating by Moody’s Investor Services, A-1+ by Standard & Poors and F1+ by Fitch.

Fred Maroudas, Head of Funding of Network Rail, said: “We are very pleased that Network Rail has put this programme in place. It represents Network Rail’s first entry into the capital markets and is an important part of our financing plans.”

Ron Henderson, Group Finance Director of Network Rail, said: “This Commercial Paper programme provides Network Rail with additional financing to meet working capital requirements through to the implementation of the interim review in April 2004.”

For further information, please contact: Jon Simmons, Financial Dynamics on 020 7831 3113 or Network Rail press office on 020 7557 8292.

These materials are not for publication or distribution, directly or indirectly, in or into the United States. These materials are not an offer of securities for sale into the United States. The securities [referred to herein] may not be offered or sold in the United States unless they are registered or exempt from registration. There will be no public offer of the securities in the United States. Merrill Lynch International is authorised and regulated by the Financial Services Authority.

Contact information

Media Relations (National)
020 3356 8700
mediarelations@networkrail.co.uk


Railhub Archive ::: 2003-06-27 NET-001





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