In the interest of transparency, the European Investment Bank is today announcing its own decision in respect of the Eurotunnel share exchange offer.
The EIB has supported the Eurotunnel project, a major part of the trans-European transport network, from its beginning. Recently, aware that Eurotunnel had to reduce its debt burden, the EIB participated actively in the financial restructuring negotiations which led to the current restructuring plan. The EIB voted in favour of the restructuring plan, accepting the conditions and implications for the reduction in its own debt claims.
As a result of earlier restructurings, the EIB holds about 60 million Eurotunnel shares (about 2.3 percent of the total).
The EIB will now accept the offer to exchange these shares into shares of GET S.A, a key step in the implementation of the restructuring plan.
About EIB
Created under the Treaty of Rome in 1958, the European Investment Bank is the financing arm of the European Union. It mainly grants long-term loans in support of private or public sector projects that promote the EU’s objectives, including the development of trans-European transport networks.
Owned by the 27 EU Member States, it owes its AAA credit rating to the cast-iron backing of its shareholders, its solid financial base, the exceptional quality of its assets, its prudent risk management and its highly effective funding strategy. In 2006, it borrowed EUR 48 billion and lent nearly EUR 45.8 billion, including EUR 40 billion within the European Union.