Getlink (Paris:GET) announces that it has successfully priced an offering of €550.0 million in aggregate principal amount of its senior secured notes due October 2023. The offering, which was announced on 24 September 2018, was comfortably oversubscribed and has allowed the Group to upsize the transaction from €500 to €550 million.
The Offering will close on 3 October 2018, subject to customary closing conditions. The Notes were not made available to retail investors. The Notes will be issued at par and interest will accrue at a rate of 3.625% per annum and will be payable semi-annually in arrears on each 30 June and 30 December, commencing on 30 December 2018.
The Notes are classified as Green Bonds1 (and rated BB by Standard & Poors and BB+ by Fitch).
The Company intends to use the net proceeds of the Offering to repay the £190 million bank loan incurred in February 2018 by the Company’s subsidiary Eurotunnel Agent Services Limited to purchase the G2 bonds and to finance capital expenditure in relation to the Group’s ElecLink project.
The Offering will leave the Group with a very strong financial position with the Eleclink project also being funded. BNP PARIBAS and Goldman Sachs International are the joint global coordinators and active bookrunners, and Deutsche Bank the joint bookrunner.
Jacques Gounon, Chairman and Chief Executive Officer of the Group said:
“The success of this operation is further proof of the confidence investors have in all of the Group’s activities. With these Green Bonds issue, Getlink has reduced again the average cost of debt.”
Getlink, formerly Groupe Eurotunnel, is a public company which manages and operates the Channel Tunnel between England and France, including the Eurotunnel Shuttle vehicle services, and earns revenue on other trains through the tunnel (DB Schenker freight and Eurostar passenger). It is listed on both the Euronext London and Euronext Paris markets, and was listed on the London Stock Exchange until 19 July 2012.The company is based in Paris.
Source Business Wire