Client Case

goetzpartners advised Getlink in restructuring its long-term debt

A fresh approach For new flexibility

Getlink is the manager and operator of the Channel Tunnel between France and the United Kingdom.  In  2015, limited by a rigid, decade-long financial issue, consisting  of  €4  billion  of  debt, Getlink looked to  goetzpartners for assistance.

More details on the transaction


  • Debt of €4 billion in 2015
  • Interests at level of 2007

  • No possibility of financing new activities

  • Material change in debt structure needed



goetzpartners   secured   the   issue   of   five   fixed   rate   bonds,   for   an   aggregated amount  of  €2  billion,  to  both  refinance  Getlink’s  entire  floating    rate debt,   and   also   to   partially   unwind   the   swap agreements   in  place. goetzpartners  also  advised  Getlink  on  the  bilateral discussion with  its  main  creditor,  FMS,  which  led  to  a  broad  agreement  whereby FMS sold part of its bonds to Getlink in exchange for a call on the remaining part and a removal of its consent rights.



  • Refinancing of entire floating debt
  • Decrease financing costs by €60 million p.a.
  • Removal of special consent rights
  • First bonds issue at holding level ever





 Serge Prager

Serge Prager Managing Director
Corporate Finance
Head of France