Group Eurotunnel Announces the Complete Success of Its Debt Refinancing Operation
22 May 2017 - 6:00PM
Business Wire
Average cost of debt reduced to 4%
Regulatory News:
GROUPE EUROTUNNEL SE (Paris:GET):
Announced on 9 May, the operation to refinance a part of the
Group's floating rate debt was over-subscribed 2.5 times and the
final pricing was concluded on Friday 19 May1
This operation has enabled the Group to raise debt of €1975m to
fully refinance its entire Tranche C debt; this is broken down as
follows:
Tranche
Amount Maturity
Coupon C1A £350m
12 year fixed rate 3.043%
C1B £336,5m 33
year fixed rate 3.848% C2A
€425m 5 year fixed rate
1.761% C2B
€528m 10 year fixed rate
2.706% C2C €223m
33 year fixed rate 3.748%
This operation enables Groupe Eurotunnel to benefit from
substantial savings in the payment of its financing costs; the
annual Tranche C debt service has been reduced by €60m per year. As
a consequence, the average cost of the Group's debt reduces by
approximately 200 bps, to below 4%.
The increase in cash of around €260 million generated by the
operation will also ensure optimum conditions for the financing of
ElecLink
Jacques Gounon, Chairman and Chief Executive Officer of
Groupe Eurotunnel SE, stated: "Our refinancing has been
subscribed at advantageous interest rates, proof that the markets
have confidence in the Group's outlook and that our debt has been
normalised. The savings generated will create a great deal of
value".
Important disclaimer:
This information is an inside information under article 7 of EU
regulation 596/2014.
1 The issuer of the new debt is Channel Link Entreprises Finance
plc (CLEF)
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version on businesswire.com: http://www.businesswire.com/news/home/20170522005505/en/
Eurotunnel
Contacts:For UK media enquiries
contactJohn Keefe on + 44 (0) 1303 284491Email:
press@eurotunnel.comorFor other media enquiries
contactAnne-Laure Desclèves on +33(0)1 4098 0467orFor
investor enquiries contact:Jean-Baptiste Roussille on +33 (0)1
40 98 04 81Email: jean-baptiste.roussille@eurotunnel.comorMichael
Schuller on +44 (0) 1303 288749Email:
Michael.schuller@eurotunnel.com
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