Debtholders

Getlink SE Green Bonds

Green Bonds – October 2020

Green Bonds – September 2018

Eurotunnel debt

Description – Eurotunnel Term Loan

In April 2018, the corporate reorganisation of the Group lead to the creation of a separate “Eurotunnel” sub-group for the operation of the Fixed Link distinct from the Group’s other business sectors. This involved the transfer of the two Concessionaires companies (FM SA and CTG Ltd) to Eurotunnel Holding SAS, which became the new holding company for the sub-group and replaced Getlink SE as guarantor in respect of the Term Loan.

The Term Loan put in place on 28 June 2007, as modified on 24 December 2015, 6 June 2017, 13 April 2018 and 12 May 2022, comprises the following elements at 31 December 2022:

 

Currency Nominal amount in currency Nominal amount in €* Rate Effective interest rate Contractual interest rate Maturity
Million
Tranche A1
Tranche A2
Tranche A3
£
£
£
263
131
263
297
148
297
Fixed rate linked to the UK All Items Retail Price Index published by the United Kingdom Office for National Statistics. 7.71%
7.45%
7.70%
2.89%
2.89%
3.49%
June 2018 - June 2042
Tranche A4
Tranche A5
Tranche A6


63
127
127
63
127
127
Fixed rate linked to the indice des prix à la consommation hors tabac published by the French Institut National de la Statistique et des Études Économiques. 6.45%
6.44%
6.69%
3.38%
3.38%
3.98%
June 2018 - June 2041
Tranche B1


Tranche B2
£


319


487
360


487
Fixed rate


Fixed rate
6.75%


6.31%
6.63%


6.18%
June 2013 - June 2046
June 2013 - June 2041
Tranche C1a **









Tranche C1b
£










£
350










337
395










379
Fixed rate to June 2029 then variable rate (SONIA + a spread of 0.2766% ( previously LIBOR) +5.78% including a contractual margin of 1.78% with an additional margin of 4%) covered by a fixed-rate swap of 5.26%.
Fixed rate
3.13%










3.90%
3.04%










3.85%





June 2046 - June 2050
Tranche C2b **









Tranche C2c









Tranche C2d
Tranche C2e **























528










83










140
425
528










83










140
425
Fixed rate to June 2027 then variable rate (EURIBOR +5.90% including a contractual margin of 1.90% with an additional margin of 4%) covered by a fixed-rate swap of 4,90%.
Fixed rate
Fixed rate
Fixed rate to June 2031 then variable rate (EURIBOR 6M +6.00% including a contractual margin of 2.00% with an additional margin of 4%) covered by a fixed-rate swap of 4,90%.
2.80%










3.80%










3.80%
3.69%
2.71%










3.75%










3.75%
3.53%












June 2041 - June 2050
TOTAL 3,856 5.15%

* Nominal amount excluding impact of effective interest rate and inflation indexation and at the exchange rate at 31 December 2022 (£1=€1.127).

** The contractual interest rates for C1a, C2e and C2b are respectively SONIA + a spread of 0.2766 (previously LIBOR) +5.78% from June 2029, EURIBOR +6.00% from June 2031 and EURIBOR +5.90% from June 2027. From these dates, the effective interest rates for C1a, C2e and C2b with hedging are respectively 7.50%, 6.93% and 7.98%.

For more information, see note G in section 2.2.1 of the 2022 Universal Registration Document.

Lender: Channel Link Enterprises Finance Plc (CLEF), a debt securitisation vehicle created by the original lenders in August 2007

Eurotunnel Holding SAS – Documentation