5th Feb 2007 08:46
Eurotunnel PLC/Eurotunnel S.A.05 February 2007 5 February 2007 Immediate release First step towards implementing the Safeguard Plan: Tier 3 creditors choose NRS or Cash Option The safeguard Plan approved by the Paris Commercial Court on 15 January allowsthat in exchange for abandoning their debt, the holders of Tier 3 debt willreceive Notes Redeemable in Shares (NRS) issued by the new company, EurotunnelGroup UK plc, and redeemable in ordinary shares in the new company GroupeEurotunnel SA. The plan also provides for this category of creditor to opt for a cash sum inplace of receiving NRS, the decision to exercise this option having had to benotified to Eurotunnel by 31 January 2007. Four holders of Tier 3 debt, representing approximately 32.5% of the total Tier3 debt, c£575 million at face value at an exchange rate of £1 : €1.46635, havechosen to exercise the Cash Option. The payment of the corresponding amount will, inter alia, be guaranteedaccording to the conditions set out in the plan, through the subscription forthe NRS which would have been attributed to those creditors who have chosen totake the Cash Option, by some of the other holders of Tier 3 debt and some ofthe bondholders*. The creditors who are interested in subscribing for these NRShave until 14 February inclusive to exercise this option. To guarantee the financing of the Cash Option, Eurotunnel signed a Cash OptionProvider Agreement, on 30 January 2007, with Deutsche Bank and Goldman Sachs(these two institutions having committed to becoming Cash Option Providers forthe Tier 3 debt when they made their financing proposal at the end of November2006). *Resettable Bonds, Participating Loan Notes and Stabilisation Notes. No. 005/2006 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] www.eurotunnel.com Eurotunnel manages the infrastructure of the Channel Tunnel and operatesaccompanied truck shuttle and passenger shuttle (car and coach) services betweenFolkestone, UK and Calais, France. Eurotunnel also earns toll revenue fromtrain operators (Eurostar for rail passengers, and EWS and SNCF for railfreight) which use the Tunnel. Eurotunnel is quoted in London, Paris andBrussels. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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