Channel Tunnel operator Eurotunnel has completed a major financial overhaul to cut debt and reduce interest charges.
The company, which operates the tunnel and Le Shuttle trains, lopped £446 million from its £6 billion-plus debt mountain after new long-term finance was used to buy back existing debt at a discount.
The move should reduce the company's interest bill by £35 million this year and by £20 million in 2003.
Eurotunnel's debt is the legacy of spiralling construction costs at the tunnel, which opened in 1994.
Since 1999, the company has cut debt by more than £900 million.
The move means Eurotunnel, which once had debts of nearly £10 billion, is not due to make any repayments until 2006.
Chief financial officer Roger Burge said: "We set out to reduce our debt and interest charges and extend the term of our debt."
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