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Getlink SE — Capital/Financing Update 2017
May 22, 2017
1366_iss_2017-05-22_8d61d1f5-3ea9-46a9-90fb-3752a8016551.pdf
Capital/Financing Update
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GET 17/27
21 May 2017
Releases at 18.00 CET
Group Eurotunnel announces the complete success of its debt refinancing operation
Average cost of debt reduced to 4%
Announced on 9 May, the operation to refinance a part of the Group's floating rate debt was oversubscribed 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".
Eurotunnel Contacts:
For UK media enquiries contact For other media enquiries contact John Keefe on + 44 (0) 1303 284491 Anne-Laure Desclèves on +33(0)1 4098 0467
1 The issuer of the new debt is Channel Link Entreprises Finance plc (CLEF)
Email: [email protected]
For investor enquiries contact:
Jean-Baptiste Roussille on +33 (0)1 40 98 04 81 Michael Schuller on +44 (0) 1303 288749 Email: [email protected] Email: [email protected]
Important disclaimer:
This information is an inside information under article 7 of EU regulation 596/2014.