22nd May 2017 09:00
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)
Eurotunnel Contacts:For UK media enquiries contactJohn Keefe on + 44 (0) 1303 284491Email: [email protected]orFor 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: [email protected]orMichael Schuller on +44 (0) 1303 288749Email: [email protected]
View source version on businesswire.com: http://www.businesswire.com/news/home/20170522005507/en/
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