HSBC gets bids in 2 bln stg train sale-sources

AMSTERDAM, April 20 (BestGrowthStock) – CVC Capital Partners and a
consortium of Morgan Stanley (MS.N: ) (Read more about the money market today. ) Infrastructure, 3i
Infrastructure (3IN.L: ) and Star Capital have made indicative
offers in the 2 billion pound ($3.1 billion) auction of HSBC’s
(HSBA.L: ) rolling stock firm, several people familiar with the
matter said.

HSBC’s (0005.HK: ) rail unit Evershot has a UK fleet of over
4,000 trains and its sale follows the rationale of the
divestments of the other two UK train leasing companies, as
banks look to raise cash by disposing assets not central to
their businesses. [ID:nLDE6301HQ]

“We put in our offer last week and we are now waiting for
HSBC to launch the next round and provide more information on
the financing,” a source from one of the bidders said.

CVC has been in the process of raising an infrastructure
fund since September 2008 and has so far been using its private
equity outfit to go after assets, people familiar with the
matter said. [ID:nL3399859]

HSBC is assuming the asset has an enterprise value of 2
billion pounds, based on a staple debt package of 1.7 billion
pounds that includes 200 million for capital expenditure, people
familiar with the matter have previously told Reuters.

HSBC declined to comment. CVC, 3i and Star Capital declined
to comment, while nobody at Morgan Stanley was immediately
available for comment.

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(Reporting by Greg Roumeliotis; Editing by David Holmes)
($1=.6535 Pound)

HSBC gets bids in 2 bln stg train sale-sources