EUROTUNNEL has revealed how it proposes to refinance the
company and slash its debt by more than £400 million.
The cross channel operator hopes to raise £740 million through
the issue of bonds and will use the funds to pay off debts.
Eurotunnel will also extend the repayment of some debts so
they will not have to be paid until 2012.
Eurotunnel chief executive Richard Shirrefs said: “Eurotunnel’s
business continues to make good operating progress. Alongside that, today’s
proposals are a further step in the company’s strategy of reducing debt,
cutting and fixing charges and further strengthening the future profitability
of the company.”