AP NEWS

Statement from SNCF America, Inc. Regarding Texas Central Partners, LLC Loan Announcement

September 18, 2018

AUSTIN, Texas--(BUSINESS WIRE)--Sep 18, 2018--SNCF America, Inc. releases the following statement in response to recent reports that Texas Central Partners, LLC has secured a $300 million loan from two Japanese-government entities to pay for the continued development of its proposed Dallas-to-Houston high-speed rail project. The debt holders of the new loan are the Japan Bank for International Cooperation (JBIC) 1 and the Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) 2. JOIN previously made an equity investment in Texas Central Partners, LLC of $40 million in 2015 3.

Scott Dunaway, spokesperson for SNCF America, stated “Texas Central Partners comes clean on its empty promise of private funding led by Texas investors. Now Japanese taxpayer funds are being loaned to finance the planned Dallas to Houston rail. Two Japanese-government agencies are supporting an attempt to corner the market with technology that lacks interoperability and creates a monopoly on the future of Texas high-speed rail. This project is right for Japanese companies subsidized by Japanese taxpayers and wrong for Texas. Nowhere in the world have high-speed rail projects become reality without government participation. The flawed design of this particular project will likely eliminate future rail service along the Interstate-35 growth corridor for generations. Texans must regain control of the high-speed transportation policy debate in the state and thoughtfully consider alternative planning.”

About SNCF: SNCF is a global leader in passenger and freight transport services, with revenue of $41.2 billion in 2017, of which one-third are generated from international markets. With 270,000 employees in 120 countries, SNCF draws on its foundations in French rail and its extensive experience as an architect of transport services. It aims to become the benchmark for mobility and logistics solutions in France and worldwide.

About SNCF America, Inc.: SNCF America, Inc. is a U.S. based company incorporated in the state of Delaware.

_____________

1 “As JBIC has its shares wholly owned by the Government of Japan, it is subject to the control of the Japanese government, its sole shareholder.” https://www.jbic.go.jp/en/about/governance.html retrieved September 12, 2018.

2 JOIN is 87% owned by the Government of Japan. http://www.join-future.co.jp/english/about/shareholders.html retrieved September 12, 2018.

3 TCRH is a wholly owned subsidiary of Texas Central Partners, LLC, into which JOIN made equity investment in an amount of USD 40 million. http://www.join-future.co.jp/english/news/pdf/20151121_01_01.pdf retrieved September 13, 2018.

View source version on businesswire.com:https://www.businesswire.com/news/home/20180918005202/en/

CONTACT: for SNCF America, Inc.

Katie Avinger

katie@monumentgroupllc.com

KEYWORD: UNITED STATES NORTH AMERICA TEXAS

INDUSTRY KEYWORD: TRANSPORT RAIL

SOURCE: SNCF America, Inc.

Copyright Business Wire 2018.

PUB: 09/18/2018 07:00 AM/DISC: 09/18/2018 07:01 AM

http://www.businesswire.com/news/home/20180918005202/en

AP RADIO
Update hourly