19/02/2007 - Second step of the Safeguard Plan: Underwriting of available Tier 3 NRS.
The NRS which have become available due to the take up of the Cash Option by four of the holders of Tier 3 (1) debt have been fully underwritten by the other holders of Tier 3 and by a large majority of the bondholders.
At this point, the monetisation of these NRS is therefore guaranteed through the cash made available by the creditors who have put themselves forward to underwrite the available NRS. Eurotunnel will not therefore be required to fund payment of the Cash Option.
A priority reserve of £60 million of NRS will be available to Eurotunnel shareholders who take part in the Exchange Tender Offer.
|
Eurotunnel manages the infrastructure of the Channel Tunnel and operates accompanied Truck Shuttle and Passenger Shuttle (car and coach) services between Folkestone, UK and Calais, France. Eurotunnel also earns toll revenue from train operators (Eurostar for rail passengers, and EWS and SNCF for rail freight) which use the Tunnel. Eurotunnel is quoted in London, Paris and Brussels. |