Friday 27 Jun 2003


Region & Route:
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 These materials are not for publication or distribution, directly or indirectly, in or into the United States.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

Passengers / community members
Network Rail national helpline
03457 11 41 41

Latest travel advice
Please visit National Rail Enquiries

Network Rail press office - National
020 3356 8700

About Network Rail

We own, operate and develop Britain's railway infrastructure; that's 20,000 miles of track, 30,000 bridges, tunnels and viaducts and the thousands of signals, level crossings and stations. We run 20 of the UK's largest stations while all the others, over 2,500, are run by the country's train operating companies.

Usually, there are almost five million journeys made in the UK and over 600 freight trains run on the network. People depend on Britain's railway for their daily commute, to visit friends and loved ones and to get them home safe every day. Our role is to deliver a safe and reliable railway, so we carefully manage and deliver thousands of projects every year that form part of the multi-billion pound Railway Upgrade Plan, to grow and expand the nation's railway network to respond to the tremendous growth and demand the railway has experienced - a doubling of passenger journeys over the past 20 years.

Follow us on Twitter: @networkrail
Visit our online newsroom: