High Speed Rail Finance (1) PLC Track Access Charges (8552S)
13 7월 2020 - 10:38PM
UK Regulatory
TIDM17NR
RNS Number : 8552S
High Speed Rail Finance (1) PLC
13 July 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 AND ARTICLE 17 OF THE MARKET ABUSE REGULATION (EU)
596/2014
High Speed Rail Finance (1) PLC
(a company incorporated in England with its registered office at
5th Floor, Kings Place, 90 York Way, London, England, N1 9AG and
company number 08346271)
Track Access Charges
13 July 2020
High Speed Rail Finance (1) PLC (the "Company") today provides
an update regarding the group's operating company and a guarantor
of the senior secured bonds issued by the Company, HS1 Limited
("HS1").
Background and Context.
HS1's primary source of revenue is the charges that it levies
for granting access to the High Speed 1 rail network to train
operating companies ("Train Operators"). HS1 has granted London and
South Eastern Railway ("LSER") and Eurostar International Limited
("EIL") access to the High Speed 1 network through the relevant
Track Access Agreements. Certain revenues obtained by HS1 from LSER
are underpinned by HMG's Department for Transport.
HS1 is responsible for managing the Working Timetable of High
Speed 1 being the number and timing of trains run on the network.
Train Operator's Train Slots are protected insofar as they are
based on Firm Rights, being the quantum of train paths set out in
their Track Access Agreement with HS1. Firm Rights must be asserted
at least 22 weeks before the Timetable Change Date in order to be
accommodated in the next Working Timetable. Train Operators also
have the right to make Spot Bids for Train Slots after this date,
which rank lower in priority for accommodation on the network.
Track access charges for Firm Rights are billed quarterly in
advance whereas track access charges for Spot Bids are usually
billed quarterly in arrear but can be billed monthly in arrear.
LSER made an Access Proposal to HS1 to assert its Firm Rights in
respect of the next Working Timetable, which operates between
December 2020 and May 2021. There has been no material change to
the assertion of LSER's Firm Rights since the previous Working
Timetable. This provides certainty to HS1 until May 2021 in respect
of track access charges for LSER.
HS1 has received a nil Access Proposal from EIL.
The date by which Train Operators must have asserted Firm Rights
for accommodation in the next Working Timetable was 10 July 2020.
EIL has submitted an Access Proposal to HS1 with nil train paths in
respect of the next Working Timetable.
EIL will therefore not be required to pay any Track Access
Charges in advance. EIL is able to book Spot Bids as a replacement
of its previous Firm Rights booked Train Slots; as a result, HS1
would receive revenues in arrear rather than in advance.
Expectation in relation to EIL's Spot Bids.
We are discussing the situation (including in relation to
traffic expectations and reallocation of our fixed costs) with EIL,
our regulators and other parties. We note as well that EIL has
advertised, and is taking passenger bookings in respect of, a
substantial future train timetable. Although these advertised
trains could be cancelled in the future it is expected that EIL
will book Spot Bids for such services where they have material
passenger bookings and to meet customer demand and requirements. We
are engaging constructively with EIL as to their expected number of
Train Slots required, as the effects of COVID-19-related
restrictions are lifted.
Consequences of EIL's move from Firm Rights to Spot Bids.
Track access charges from LSER accounted for approximately 68%
of HS1's track access cashflows for the year ended 31 March 2020
and are themselves currently sufficient to allow the HS1 Security
Group to meet debt service on its debt obligations. Track access
charges from EIL accounted for approximately 32% of HS1's track
access cashflows for the same period. We understand that EIL
intends to run trains and Spot Bid Train Slots as required to
service its customers but is moving to Spot Bids so that it has
more flexibility. This will allow EIL to adjust to the emerging
profile of passenger bookings as there is a return to normal
service after COVID-19.
The Company reports that as of today, each of the Company, HS1
and the HS1 Security Group remain able to meet all their respective
debt obligations for the next twelve months as they become due and
payable in full.
Enquiries:
Investor Relations: Investor-Relations@highspeed1.co.uk
Press Office: HS1@Pagefield.co.uk
Identity of the person making this notification:
Mark Farrer
CFO, HS1 Limited
on behalf of the HS1 Security Group and the Company
Date and time of this notification:
13 July 2020, 2:00pm
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCRJMJTMTJBBAM
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July 13, 2020 09:38 ET (13:38 GMT)
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