Railways funding
The Railways Corporation says it has awarded financing mandates totalling about $2OO million for equipment and associated costs related to electrification of the North Island main trunk line.
The corporation says the supply of equipment and financing for the first stage electrification of 485 km was extremely competitive. The financing mandates awarded were as follows: Yen loan to the Industrial Bank of Japan; Yen instalment sale to Japan Leasing Corporation and Mitsui Leasing Development, Ltd; Export Credit Guarantee Department-backed facility
to Lloyds Bank Inter-national-National Bank of New Zealand. (The first ever ECGD credit in New Zealand dollars); and medium term Eurocurrency loan to Lloyds Bank International.
The financial advisers, Manufacturers Hanover, Ltd, and the Bank of New Zealand, had indicated that the level of interest among other banks was already high and they expect the facilities to be in place by mid-May. The first stage of the electrification programme will be completed by the end of 1986 and the award stagp by mid-1988.
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Press, 7 April 1984, Page 23
Word Count
165Railways funding Press, 7 April 1984, Page 23
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