Investor Presentaiton
Financing Strategy
Maintain a low risk financing
5,000
position by preserving the
Early Works
Main Tunnel
Baa1/BBB+ credit ratings and a
strong liquidity position at all times
And
Drive Construction
4,500
Pre-tunnelling
Project
Completion
and
Commissioning
Handover and
Acceptance Period
"Equity first”: £1.3bn equity
(committed and backed by LCs) is
4,000
funding the investment
programme to start of tunnelling
3,500
Additional liquidity from £1bn
Revolving Credit Facility
3,000
Leverage only rises at the back
end of construction, hand-in-hand
2,500
with progress on the delivery of
the investment programme
2,000
Debt programme combining
inflation linked debt to match RCV
1,500
growth with some opportunistic
nominal issuance
Pre-financing in order to increase
liquidity where this is consistent
with our overall cost of debt
targets
Closed £0.7bn index-linked loan
with the European Investment
Bank
1,000
500
0
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
■Net Debt ■Adj. RCV less Net Debt
Prudent financing structure with accelerated equity funding
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