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RESTRUCTURATION ET ABUS DE MARCHE
Eurotunnel announced on 29 September the purchase of a package of its debt
instruments to be financed by a Rights Issue.
Debt instruments with a face value of £317 million are being acquired at a cost
of £143 million.
These purchases, which will allow Eurotunnel to accelerate its financial
recovery, will be financed by a Rights Issue of 250 million Units on the basis
of 3 new Units for every 22 existing Units held at 65p (1.02 euros) per new Unit
to raise £162.5 million*. Approval for the Rights Issue was obtained at the
shareholders' General Meetings on 6 May 1999.
The Rights Issue has been fully underwritten by a syndicate of banks led by
Dresdner Kleinwort Benson and CCF Charterhouse.
*Eurotunnel intends to use the balance of the proceeds after expenses to reduce
further the Group's interest charges.
Details of the Rights Issue
Number of new Units to be issued:
250,000,000
Issue price:
Gross proceeds:
65p or 1.02 euros or 32.5p + 0.51 euros
£162,500,000 or 255,000,000 euros
Issue terms:
3 new Units for every 22 existing Units held
Ranking:
New Units will, when issued and fully paid, rank pari
passu in all respects with the shares comprised in the
existing Units
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