Redemption of SDES for GET SA shares from 7 September 2009

07/09/2009 - 10:00

Goldman Sachs Infrastructure Partners becomes Groupe Eurotunnel’s principal shareholder

In March 2008, two Goldman Sachs Infrastructure funds (GS Global Infrastructure Partners I, L.P. and GS International Infrastructure Partners I, L.P., which together make up GSIP(1)) subscribed 657,840 of the 800,000 Subordinated Deferred Equity Securities (SDES) issued by Groupe Eurotunnel SA. The funds raised were used to reimburse an initial part of the NRSII and reduce the group’s financial charges.

The SDES are redeemable in Groupe Eurotunnel SA ordinary shares from 7 September 2009, at the initiative of the bearer, and for a period of 12 months. The final redemption date is 6 September 2010.

GSIP has recently made Eurotunnel aware of its intention to demand the redemption of its SDES in shares. Once this has been completed, GSIP will hold approximately 21.21% of the capital of GET(2) and will therefore become Groupe Eurotunnel’s principal shareholder.

Jacques Gounon, Chairman and Chief Executive of Groupe Eurotunnel said,

“The long anticipated arrival of the infrastructure specialist GSIP, is excellent news for the group. Beyond the powerful sign of renewed confidence in the group, it will be a real asset in the pursuit of our upcoming strategic developments.”

 

(1) Through their subsidiary, Aero 1 Global and International S.à.r.l, GSIP invests principally in transport infrastructure (roads, airports, ports etc) and in utilities (distribution networks for electricity, gas etc) in OECD countries.

(1) On the basis of a theoretical capital of 395,417,950 shares, composed of 317,391,548 shares currently in circulation, to which are added 78,026,402 shares which will be attributed to GSIP on redemption of their SDES. If the redemption in shares of the NRS I tranche 3 and the exercise of the remaining warrants are included, the total number of GET SA shares in issue would be 574,916,747 and GSIP’s holding in the capital of GET SA would then be 15.22%.

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