Groupe Eurotunnel continues debt reduction in 2011
After the successful purchase of variable interest bondsi in September 2011 (see press release 03/10/11), Groupe Eurotunnel continued this process in December 2011, investing €30 million to purchase €34 million of the bonds issued by CLEF (which have the same characteristics as the Group’s tranche C debt)ii at a 10% discount.
This brings the debt reduction total for 2011 to €144 million, representing a full year reduction in charges of €3.8 million in 2012.
Jacques Gounon, Chairman and Chief Executive of Groupe Eurotunnel, stated
“Groupe Eurotunnel is in a position where it has a strong positive cash position, with no need to refinance. The group is therefore able to continually optimise its debt reduction through the judicious purchase of discounted notes”.
