Groupe Eurotunnel launched the refinancing of its floating rate debt. This operation will refinance the current Tranche C debt by three tranches of fixed rate debt with expected maturities of 5 and 10 years (for €953 million in aggregate) and of 12 years (for £350 million), which will revert to floating until their final maturity in 2050. It will also require the partial unwind of the interest rate swaps put in place in 2007, the cost of which will be funded by new 33-year fixed rate debt in sterling and euros. The amount of the consolidated new tranche C debt is expected to be close to €2 billion. The group expects that this operation will result in a very significant reduction in the average cost of its debt for at least the next five years, the tranche C having an effective interest rate of 8.39%.