Eurotunnel sets sights French listing

Eurotunnel has been granted permission by French financial authorities for a listing on the Paris Stock Exchange after successful hitting restructuring targets.

The Channel Tunnel operator is now allowed to launch a tender offer to the holders of its warrants, allowing them to convert these to shares two years earlier than originally planned. The warrants were issued to investors who participated in the company’s 2007 rescue refinancing, which cut the company’s debts to €4.3bn from €9.4bn.

Converting them into shares depended on Eurotunnel generating, by 2011, £220m more earnings in its business plan at the time of 2007’s restructuring.
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