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.
- 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