Groupe Eurotunnel Continues Debt Reduction in 2011

 
TIDMGETS

After the successful purchase of variable interest bonds1 in September 2011 (see press release 03/10/11), Groupe Eurotunnel (Paris:GET) (LSE:GETS) continued this process in December 2011, investing EUR30 million to purchase EUR34 million of the bonds issued by CLEF (which have the same characteristics as the Group's tranche C debt)2 at a 10% discount.

This brings the debt reduction total for 2011 to EUR144 million, representing a full year reduction in charges of EUR3.8 m in 2012.

Jacques Gounon, Chairman and Chief Executive of Groupe Eurotunnel, stated "Groupe Eurotunnel is in a position where it has a strong positive cash position, with no need to refinance. The group is therefore able to continually optimise its debt reduction through the judicious purchase of discounted notes".

1 EUR110 million of variable interest bonds issued by Channel Link Enterprises Finance (CLEF)

2 EUR30 million and GBP3.2 million

Groupe EurotunnelMedia+ 44 (0) 1303 284491press@eurotunnel.comorInvestorsMichael Schuller, +44 (0) 1303 288749Michael.schuller@eurotunnel.com

Groupe Euro. (LSE:GETS)
Historical Stock Chart
From Sep 2024 to Oct 2024