January 25, 2013 / 3:45 AM / 5 years ago

Channel Tunnel rail link owner to refinance $2.4 billion debt - report

LONDON (Reuters) - The owners of the Channel Tunnel rail link will restructure 1.5 billion pounds ($2.4 billion) in debt to take advantage of low repayment rates in the corporate bond market, The Independent newspaper said on Friday.

The Canadian consortium of the Ontario Teachers’ Pension Plan and Borealis Infrastructure will swap bank loans used to finance its 2.1 billion pound purchase of the High Speed One rail link for corporate bonds, which will also give them longer to repay the debt, the newspaper said.

Royal Bank of Scotland is advising on the bond issue, it said.

High Speed One, which runs the line between London and the Channel Tunnel, declined to comment on the report.

Reporting by Paul Sandle; Editing by Edwina Gibbs

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