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  • Debt Issuance Programme overview

  • Image of the Shard from London Bridge station

    We own and operate the national and commuter railway network in Great Britain. We are a not-for-dividend company limited by guarantee and all profits are reinvested back into the railway or used to repay debt.

    We have been issuing bonds in the international capital markets since 2004 to fund capital expenditure and to re-finance existing debt. The debt was issued under a Debt Issuance Programme benefitting from a direct and explicit UK Government guarantee.

    The Debt Issuance Programme was comprised of the following:

    From 1 September 2014 we are reclassified as a public sector organisation due to a statistical change in European accounting regulations. As a consequence of the reclassification, we have become an arm’s length body of the Department for Transport (DfT).

    There has also been a change to our financing arrangements. We will no longer issue debt in our own name, but will instead borrow directly from the UK Government via a £30.175bn loan facility.

    The outstanding debt issued under the Debt Issuance Programme is unaffected by these changes and continues to benefit from the direct and explicit guarantee from the UK Government.