Getlink

A key player in mobility infrastructures, operator of the Channel Tunnel and leader in eco-responsible transport.

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 us for assistance.

Debt and Capital Advisory

Mobility, Transportation, and Infrastructure

Lesezeit 3 Minutes

Zentrale Ergebnisse

€ 60 million p.a.

to decrease financing costs and refinancing of the entire floating debt.

Removal

of special consent rights.

First bonds issue

at holding level ever.

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The challenge

Debt of € 4 billion in 2015.
Interests at level of 2007.
No possibility of financing new activities.
Material change in debt structure needed.

City with a drawn modern, digital transportation and technology concept.

The solution

We 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. The new issues were placed successfully in May 2017.

We also advised Getlink in February 2018 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.

Getlink was now able to issue its first bond at the holding level, a successful Green Bonds issue was placed on the market in September 2018, for an amount of €550 million. We advised Getlink on the structuring of the instrument, on the selection of the placement banks, and on the legal and financial conditions of the deal.

To make substantial progress in the management of our debt, we needed an independent advisor to offer bright ideas and deliver on their implementation. In this regard, they were a very valuable partner and provided the right connections at the right moment during negotiations.
François Gauthey
Deputy CEO of Getlink