Dentons advises a pool of lenders on €620 million financing for rail transport for the Auvergne-Rhône-Alpes region

Paris—Dentons advised Crédit Agricole Corporate & Investment Bank, CaixaBank S.A. (branch in France), La Banque Postale and Caisse des Dépôts et Consignations (CDC) on a €620 million structured financing transaction to support the transfer of railway rolling stock in the Auvergne-Rhône-Alpes region to a newly created local public company (SPL). This transaction is part of the opening up of rail services to competition, as provided for in the new rail pact law of June 27, 2018.

In this context, the Region created an SPL in which it is the majority shareholder, alongside the Vichy Community Urban Community. Under a concession agreement signed on July 4, 2025, the Region entrusted the SPL with the management of all its TER rolling stock. This rolling stock will then be made available to the rail operators selected to operate the regional service.

Dentons acted as legal counsel to all lenders, mobilizing a multidisciplinary team from Paris composed of Jean-Marc Allix, partner, and Simon Leduc, associate, on financing aspects, Dorothée Griveaux, partner, and Marceau Debaille on public law aspects.

The transaction illustrates Dentons’ expertise in advising lenders on public interest projects involving complex and innovative contractual arrangements.