Channel Tunnel passenger operator Eurostar announced a refinancing package on 18 May which it says paves the way for its recovery. The operator suffered heavily during the Covid-19 pandemic with international travel restrictions imposed.
The £250 million package mainly consists of additional equity and loans from a syndicate of banks guaranteed by the shareholders. The shareholders are French National Railways (SNCF) – ES’ majority shareholder – plus Patina Rail LLP, funds managed by the infrastructure team of Federated Hermes and Belgian National Railways (SNCB).
The package comprises £50 million of shareholder equity, £150 million of shareholder guaranteed loans and £50 million of restructured existing loan facilities.
Eurostar says it plans to restore demand on its core routes, with London-Paris trains increased to two daily returns from 27 May, three per day from the end of June and gradually increased frequency through the summer as travel restrictions are eased.