Group Eurotunnel Announces the Complete Success of Its Debt Refinancing Operation

Average cost of debt reduced to 4%

PARIS--()--Regulatory News:

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)

Contacts

Eurotunnel Contacts:
For UK media enquiries contact
John Keefe on + 44 (0) 1303 284491
Email: press@eurotunnel.com
or
For other media enquiries contact
Anne-Laure Desclèves on +33(0)1 4098 0467
or
For investor enquiries contact:
Jean-Baptiste Roussille on +33 (0)1 40 98 04 81
Email: jean-baptiste.roussille@eurotunnel.com
or
Michael Schuller on +44 (0) 1303 288749
Email: Michael.schuller@eurotunnel.com

Contacts

Eurotunnel Contacts:
For UK media enquiries contact
John Keefe on + 44 (0) 1303 284491
Email: press@eurotunnel.com
or
For other media enquiries contact
Anne-Laure Desclèves on +33(0)1 4098 0467
or
For investor enquiries contact:
Jean-Baptiste Roussille on +33 (0)1 40 98 04 81
Email: jean-baptiste.roussille@eurotunnel.com
or
Michael Schuller on +44 (0) 1303 288749
Email: Michael.schuller@eurotunnel.com