The European Investment Bank continues to be a key lender to Eurotunnel and supports the restructuring plan proposed by the company at the end of October. At the same time, the EIB has agreed to sell part of its portfolio of Eurotunnel loans. The loans being sold total some EUR 300 million, the nominal amount of the original loans, and form part of the middle tranches of Eurotunnel's capital structure.
The EIB remains a substantial lender to the company and, as a member of the Ad Hoc Committee of major Eurotunnel lenders, it is involved in seeking a consensual restructuring of Eurotunnel's capital. Under the contractual terms of the sale, the Bank continues to hold the voting rights of the sold loans for a pre-agreed period, and is committed to vote in favour of the proposed French "procédure de sauvegarde" restructuring plan Eurotunnel distributed to its creditors end October.
Following the announcement of the company's restructuring plan, the market reacted positively and prices for its debt increased. Bearing in mind its obligations to manage its portfolio in the interests of all its shareholders (the EU Member States), the EIB therefore accepted an offer to purchase part of its loans.
The EIB considers that Eurotunnel has a solid operating track record and that its management has successfully implemented an operational reorganisation. The Bank has supported Eurotunnel since its inception as a key infrastructure project of European importance in the trans-European transport network. The EIB's loans for the construction of the tunnel peaked at about EUR 1 950 million, which have been reduced in subsequent restructurings.