GB Railfreight

Case Study

GB Railfreight receives Senior Secured Notes to refinance existing debt

Headquartered in the United Kingdom, GB Railfreight is a market leading rail freight operator in the UK, providing rail freight services to a diverse range of well-established customers.

At a Glance

PGIM’s relationship with GB Railfreight and Infracapital began in 2021, when the company moved to a new debt platform. In 2025, PGIM and Infracapital re-engaged to refinance the Company's short-term financing with long tenor fixed-rate Notes that will support the Company through its next phase.

In October 2025, PGIM provided GB Railfreight with £143 million of Senior Secured Notes to refinance the Company's debt as well as finance general corporate purposes. GB Railfreight appreciated (i) PGIM’s ease and certainty of execution; (ii) our strong relationship with Infracapital; and (iii) our ability to provide longer tenor financing vs the bank market.

We appreciated the opportunity to work with GB Railfreight and Infracapital on this important transaction, and we look forward to supporting the company for their future financing needs.

Relationship Since 2025

Transaction details:

£143,000,000 Senior Secured Notes

“A combination of our strong working relationship and PGIM’s ability to provide longer-tenor financing gave us confidence throughout the refinancing process, resulting in a solution that aligned with GB Railfreight’s long-term growth objectives.”

Ed Barrie, Director, Infracapital