Getlink

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. 

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.