Eurotunnel on the road for secured refi

Groupe Eurotunnel 230x
By Owen Sanderson
23 Feb 2016

Groupe Eurotunnel has mandated Deutsche Bank and Goldman Sachs for a roadshow, exploring potential refinancing for some of the secured notes issued from Channel Link Enterprises Finance, the whole business securitization backed by the operators of the Channel Tunnel.

The two tranches that might be refinanced are the floating rate A3 and A4 notes, maturing in 2050. The A3 tranche is £350m and the A4 tranche is €953m. They paid a margin of 1.25% over six month Libor and Euribor respectively at issuance, but the coupon was ...

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