ETL Eutelsat Communications S.a.

RNS Number:1415O
Eurotunnel PLC/Eurotunnel S.A.
18 December 2006

Monday 18 December 2006



Immediate release



   Eurotunnel Board approves financing for safeguard restructuring plan with
                        enlarged consortium composed of:

                   Goldman Sachs/Deutsche Bank and Citigroup





The Eurotunnel Board has studied the two offers of financing for the proposed
safeguard restructuring plan, put forward on the one hand by the consortium of
Goldman Sachs and Deutsche Bank ("GS/DB") and on the other by Citigroup.



These two offers, as required by the Eurotunnel tender documents, provide for a
complete financing of the proposed safeguard restructuring plan:



  * A long term loan of #1,500 million and Euro1,965 million, equivalent to a
    total of #2.84 billion*, in the form of a classic bank loan, repayable, by
    tranche, between 35 and 43 years.



  * The underwriting of the Obligations Remboursable en Actions (ORAs)
    (convertible notes) in sterling and Euros, for holders of Tier 3 debt, for
    an amount of #965 million, allowing for the monetisation of the ORAs.



These two offers also take account of the future operational financing needs of
the company and the possibility of an additional debt stream of #225 million for
the redemption of ORAs.



The two offers received, both in line with the company's business plan, were
very competitive and very close. As a result, the Board has decided that:



  * The GS/DB consortium will lead the financing of the safeguard plan; and



  * At the request of the company, the GS/DB consortium will propose that
    Citigroup joins them to assure 30% of the financing.



The new Eurotunnel debt, as it results from the proposed financing, is
sustainable by the company through its operational performance and the reduction
in annual financial charges.



The financial charges on the new Senior debt should start at around #140 million
per annum, repayments of the capital not becoming due until 2012.



This level of financial charges should be compared to the #293 million of
interest for 2006 and the estimated #320 million for 2007 (taking into account
the forecast increase in European interest rates) which Eurotunnel would have
had to pay on the old debt.



* Exchange rate: #1 = 1.46635 Euro



No 105/2006

For media enquiries contact John Keefe on + 44 (0) 1303 284491.
Email: John.keefe@eurotunnel.com

For investor enquiries contact Michael Schuller on + 44 (0) 1303 288 749.
Email: michael.schuller@eurotunnel.com



                               www.eurotunnel.com



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.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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