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Getlink SE — Capital/Financing Update 2009
Nov 20, 2009
1366_tar_2009-11-20_3dfb802a-1b43-424e-bb0c-63a2ea8f5354.pdf
Capital/Financing Update
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GET 2009/40
20 November 2009
For release at 16:45
SUCCESS OF THE EARLY REDEMPTION OF THE NRS I T3
Eurotunnel Group announces the success of the transaction relating to the early redemption of the notes redeemable in shares (NRS I T3) in Groupe Eurotunnel SA (GET SA), that ended on 17 November.
- Decisive advance in the Eurotunnel Group's capital structure, 8 months early
- Expanded market capitalisation
- Continuation of shareholder relution
- Savings in financial costs
The transaction related to the 4,776,033 NRS I T3 issued by Eurotunnel Group UK Plc (EGP) in 2007 that remained outstanding. The results of this transaction, launched on 4 November, are as follows:
- 57.4% of the outstanding NRS I T3 were redeemed in advance, i.e. 2,740,095 NRS I T3 comprising:
- o 59.8% of the NRS I T3 denominated in sterling, i.e. 1,194,778 NRS I T3; and
- o 55.7% of the NRS I T3 denominated in euros, i.e. 1,545,317 NRS I T3;
- 68.5 million new GET SA shares, carrying rights from 1 January 2009, will be issued by GET SA as a result of this early redemption and admitted to trading on Euronext Paris on 25 November 2009;
- This transaction allowed the number of shares that would have been issued upon redemption in shares of the NRS I T3 whose maturity date was 28 July 2010 to be reduced by 2.8 million, resulting in a new relution of existing shareholders;
- Savings in financial costs of €5 million1 resulting from the decrease in the amount of interest to be paid on the NRS I T3 which were redeemed in advance.
This latest transaction enables to reach a decisive step in the simplification of the Eurotunnel Group's capital structure, it allows the GET SA share greater visibility, and results in a higher market capitalisation.
Jacques Gounon, Chairman and Chief Executive of Groupe Eurotunnel SA, stated:
"The latest success of the early redemption of the financial securities issued by Eurotunnel proves the repeated confidence that our investors have in the company. Eurotunnel reaches a strong and readable capital structure several months early".
For media enquiries contact on + 44 (0) 1303 284491 Email: [email protected]
For investor enquiries contact Michael Schuller on +44 (0) 1303 288749 Email: [email protected]
1 Based on an exchange rate €/£ of 0.894