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Eurotunnel was last refinanced some four years ago when Fixed-Link Finance 2 conducted a whole business securitization for £740 million ($1.39 billion). That trade cut net debt by £400 million and put in place longer-term funding with an MBIA credit-enhanced tranche of £620 million and a junior debt piece worth £120 million. The debt for equity swap that took place in 1998 was an ugly affair and left the remaining shareholders, junior debt holders and senior debt holders all with a say in how any future restructuring took place.
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