Tube Lines, the private sector consortium responsible for maintaining part of the London Underground tube network, is to start the roadshow for a £2bn (€3bn) bond to refinance its outstanding bank debt.

Goldman Sachs is arranging the bond, which is planned for launch by the end of the month. Sources close to the deal quashed speculation last year that the bond would be securitised on ticket revenues, although they said it will be a "structured corporate transaction". SG Corporate and Investment Banking will work as a joint lead manager in a syndicate of banks underwriting the deal.