Allen & Overy (A&O) and Linklaters have closed a £9bn financing allowing Network Rail to take over Railtrack and pay off the failed company’s debts, thus bringing it out of administration earlier than expected.
A&O advised Barclays Capital and the eight other lead arrangers on the deal securing the bridge facility that allowed Network Rail to pick up Railtrack’s shares.
The firm won the instruction after going head-to-head with Clifford Chance in a beauty parade.
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