39TQ Ctrl 1 5.234%

 

TIDM65NL TIDM39TQ 
 
RNS Number : 1860S 
LCR Finance PLC 
13 May 2009 
 

Potential restructuring of London and Continental Railways ("LCR") and 
implications for the Government Guaranteed Bonds issued by LCR Finance plc 
("LCRF") (the "GGBs") and Asset Backed Notes issued by CTRL Section 1 Finance 
plc ("CTRLF") (the "Asset Backed Notes", together with the GGBs, the "Bonds") 
 
 
CTRL Section 1 Finance plc ("CTRLF") 
GBP748m Class A1: 5.234% due 2035 (fixed) (ISIN: XS0179947196) 
GBP500m Class A2: 2.334% due 2051 (index-linked) (ISIN: XS0179947352) 
 
 
LCR Finance plc ("LCRF") 
GBP1,000m 4.75% due 2010 (fixed) (ISIN: XS0095091277) 
GBP1,225m 4.50% due 2028 (fixed) (ISIN: XS0094804126) 
GBP425m 4.50% due 2038 (fixed) (ISIN: XS0094835248) 
GBP1,100m 5.10% due 2051 (fixed) (ISIN: XS0150670551) 
 
 
 
 
The European Commission has today announced that it has approved the state aid 
aspects in relation to a potential restructuring of LCR 
(http://europa.eu/rapid/pressReleasesAction.do? 
reference=IP/09/761&type=HTML 
aged=0&language=EN&guiLanguage=en). LCR and the Secretary of State for Transport 
("Secretary of State") will make a more detailed announcement in relation to the 
potential restructuring of LCR once the Commission's decision has been 
published. 
As part of a potential restructuring of LCR, the Secretary of State may decide 
to assume direct responsibility for servicing some of LCR's debt which is 
currently underpinned by the UK Government by, inter alia, novating the relevant 
payment obligations of LCR and Eurostar (U.K.) Limited ("EUKL") in relation to 
the Bonds to the Secretary of State. 
The GGBs will remain unconditionally and irrevocably guaranteed by the Secretary 
of State. 
In the case of the Asset Backed Notes, the Secretary of State is already 
unconditionally and irrevocably  committed either to pay directly or to 
guarantee the payment of receivables which underlie the Asset Backed Notes. The 
Secretary of State may now, additionally, directly pay all of the receivables. 
No final decisions have been made in relation to the restructuring of LCR or any 
consequent sale of assets.  Further announcements in this regard will be made in 
due course. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCSFSFDDSUSEFI 
 

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