16th May 2007 07:00
Groupe Eurotunnel SA15 May 2007 15 May 2007 Immediate release ADDITIONAL INFORMATION ON THE TERMS OF THE SENIOR FACILITIES The Safeguard Plan envisages that following the implementation of theReorganisation, the financial indebtedness of Eurotunnel will be reduced to4.164 billion euros (excluding the nominal amount of the NRS, which will betreated as quasi-equity), representing a debt reduction of 54% of currentindebtedness (which amounted to 9.073 billion euros on 30th September 2006). Eurotunnel SA and Groupe Eurotunnel SA wish to bring to the attention of thepublic an update and some additional information on the Senior Facilitiesdescribed in paragraph 5.3.4 (Financing of Eurotunnel Group) of the RegistrationDocument. The six loan tranches which constitute the Senior Facilities are denominatedeither in euros or pounds sterling, with different maturity dates andamortisation start dates depending on the basis on which interest is calculatedfor each tranche, as described below: - Financial conditions of the Senior Facilities FOR THE TRANCHES DENOMINATED IN POUNDS STERLING - A tranche A1 loan amounting to 750 million pounds sterling, bearinginterest at a fixed rate linked to the UK All Items Retail Price Index inflationindex as published by the United Kingdom Office for National Statistics ; - A tranche B1 loan amounting to 400 million pounds sterling, bearinginterest at a fixed rate ; - A tranche C1 loan, amounting to 350 millions pounds sterling, bearinginterest at a floating rate, which will be entirely hedged by a fixed / floatinginterest rate swap. Eurotunnel Finance Limited has already purchased interest rate swaptionsproviding protection against an increase in interest rates: the maximum ratepayable by Eurotunnel Finance Limited at the time of drawdown of the loanguaranteed by these swaptions is around 6.6% to 6.7% per annum after taking intoaccount the credit margin. The equivalent fixed rate at the time of drawdown of the loan will depend uponthe prevailing rates and the expected inflation at the time the hedge isfinalised FOR THE TRANCHES DENOMINATED IN EUROS - A tranche A2 loan amounting to 367 million euros, bearing interest ata fixed rate linked to the indice des prix a la consommation hors tabacinflation index as published by l'Institut National de la Statistique et desEtudes Economiques ; - A tranche B2 loan amounting to 645 million euros, bearing interest ata fixed rate ; - A tranche C2 loan, amounting to 953 millions euros, bearing interestat a floating rate, which will be entirely hedged by a fixed / floating interestrate swap. France Manche SA has already purchased interest rate swaptions providingprotection against an increase in interest rates: the maximum rate payable byFrance Manche S.A. at the time of drawdown of the loan guaranteed by theseswaptions is around 6.4% to 6.5% per annum after taking into account the creditmargin. The equivalent fixed rate at the time of drawdown of the loan will depend uponthe prevailing rates and the expected inflation at the time the hedge isfinalised - Repayment of the Senior Facilities The funds borrowed under the Senior Facilities will be repayable in accordancewith their respective amortisation schedules, of which the main characteristicsreflect the discussions with the rating agencies, and are currently as follows: FOR THE TRANCHES DENOMINATED IN POUNDS STERLING - Repayment of the A1 tranche will begin on 20th June 2018 to end on20th June 2042. Repayments will fall six monthly on 20th June and 20th December.The A1 tranche has a loan weighted average life of between 25 and 26 years ; - Repayment of the B1 tranche will begin on 20th June 2013 to end on20th June 2046. Repayments will fall six monthly on 20th June and 20th December.The B1 tranche has a loan weighted average life of between 29 and 30 years ; - Repayment of the C1 tranche will begin on 20th June 2046 to end on20th June 2050. Repayments will fall six monthly on 20th June and 20th December.The C1 tranche has a loan weighted average life and of between 41 and 42 years. The repayment profile of the aggregate principal payments due in respect of the3 tranches denominated in pounds sterling (before taking into account inflationon Tranche A1) is close to a constant annuity. FOR THE TRANCHES DENOMINATED IN EUROS - Repayment of the A2 tranche will begin on 20th June 2018 to end on20th June 2041. Repayments will fall six monthly on 20th June and 20th December.The A2 tranche has a loan weighted average life of between 24 and 25 years ; - Repayment of the B2 tranche will begin on 20th June 2013 to end on20th June 2041. Repayments will fall six monthly on 20th June and 20th December.The B2 tranche has a loan weighted average life of between 22 and 23 years ; - Repayment of the C2 tranche will begin on 20th June 2041 to end on20th June 2050. Repayments will fall six monthly on 20th June and 20th December.The C2 tranche has a loan weighted average life and of between 39 and 40 years. The repayment profile of the aggregate principal payments due in respect of the3 tranches denominated in euros (before taking into account inflation on TrancheA2) is close to a constant annuity. Ndegrees 021/2007 For media enquiries contact The Press Office on + 44 (0) 1303 284491.Email: [email protected] For investor enquiries contact Michael Schuller on + 44 (0) 1303 288 749.Email: [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Eutelsat Com