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VIE DES AFFAIRES EUROTUNNEL DEBT INSTRUMENTS
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Instruments de dette rιsultant de la restructuration de 1998 et des montages 2001-2002
1.
Senior Debt and EIB/ECSC Tranche IV (A) SENIOR DEBT q
£238 m combined equivalent, (or 343m eq.)
59% £ / 41% q
Margin of 1% over Libor / Pibor (87%) and fixed (13%) q
Repayment 2009 2012 q
Can be refinanced without penalty q
Annual interest combined cost £11m/16m eq.
q
£47m (ECSC) and 120m (EIB). Total combined: £130m eq. (or
188m eq.) q
Fixed Rates of 8.9475% and 7.35% respectively + 1% margin q
Repayment Bullet 2019 and 2006-2018 respectively q
Annual interest combined cost £12m/17m eq. q
£620 m guaranteed by MBIA, rated AAA q Repayment 2027 2028 q
£120 m rated BBB / Baa2 / BBB-
as at 30/06/03 q Repayment 2026 q
Fixed rate 6.9% q
Annual Interest Costs £51m/74m eq.
q £3.2
bn combined eq. (Or 4.7 bn eq.) 44%
£ / 56% q Coupon
£7.03% / 5.28% (6.04% blended) until 31/12/2003 q Thereafter
Libor/Euribor + 1.25% margin q Maturity
2025 q Mandatory
Repayment Schedule: 2007 2025 q Junior
Debt is divided into 3 Tiers. Tier 1 fully serviced in cash before Tiers 2
and 3, and Tier 1 repaid before Tiers 2 and 3 q
Annual
interest charge £195m eq/283m eq.
4.
Resettable Advances
q
£526m combined eq (or 759m eq).
36% £ / 64% q
Coupon
£7.03% / 5.28% P.A (5.92% blended) until 31/12/2003. q
From 31/12/2003, Government Bond yield plus 0.5% margin until 2006,
and 1.5% margin
thereafter q
Interest periods 6 months - 5 years at Eurotunnel s option q
Maturity 31/12/2050 q Structured as Tranche of Junior Debt until 2006, at which point to
be issued as bonds and listed q
Annual interest combined cost £31m eq/45m eq.
5.
Stabilisation Facility q
Principal amount £489m combined equivalent (or 705m eq) at
30/06/03, including Equity Notes deferred interest.
49% £ / 51% .
q
Can
be drawn to pay interest on
Junior Debt, Resettable Advances and Equity Notes until end 2005 q Drawings subject to annual limits q
Coupon :
To end 2005 : 0% q Maturity : 2018 2026 q Conversion to equity at £1.18/1.71 possible to ensure full debt
service
cover in 2006/07
6.
Participating Loan Notes
q
£866 m combined equivalent (or 1.25 bn eq.) 49% £ / 51% q Fixed Coupon 1% (until 2006) plus Variable Coupon (from 2006) of 23.3% of net available cashflow (after Capital Expenditure, debt service, repayments and prepayments) q
Maturity April 2040 q
Listed on Luxembourg Stock Exchange q
Annual interest cost £9m eq/13m eq.
7.
Equity
Notes
q
£261 m combined equivalent (or 376m eq).
49% £ / 51% q
Coupon 4.45% p.a. q
Maturity 31/12/2003, if not prepaid in cash or units earlier q
Eurotunnel permitted to prepay in units at any time for capital
adequacy reasons q
Repayment in units at price of £1.44/2.07.
1 equity note repaid by issuing
1.01 units q
Prepayment
in cash only permitted from proceeds of 2003 warrant exercise. q
Annual interest charge £12m eq/17m eq. |
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