The Paris offices of Freshfields Bruckhaus Deringer, Shearman & Sterling and Sullivan & Cromwell are advising Eurotunnel on its plans to secure €800m (£612m) of funding.

Last month's issue of deferred equity securities is part of a planned €1.7bn (£1.3bn) refinancing and is being fully underwritten by a Goldman Sachs infrastructure fund.

Freshfields Paris corporate partner Patrick Bonvarlet is leading the firm's team of six lawyers from its London and Paris offices for Eurotunnel. The firm is a longstanding adviser to Eurotunnel – advising the company on corporate, finance, tax and intellectual property matters during its epic restructuring. Last year it advised Eurotunnel on its placing of £2.84bn of debt.

Negotiations on the latest refinancing agreement have been taking place for months, with the cash intended to be used to pay off some junior creditors early.

Bonvarlet told Legal Week: "The product is original and this is the first deal of its kind in France."

Shearman is advising long-term clients Citi, Lazard and Lehman Brothers as the placing banks. The firm's team was headed by
corporate and capital markets partners Robert Treuhold, Bertrand Senechal and Herve Letreguilly.

Treuhold told Legal Week: "The €800m is significant for the company and this is the first step of further refinancing."

Goldman was represented by Sullivan finance partner Richard Vilanova.

The initial fundraising is due to close on 6 March, with a further €900m (£688m) fundraising planned to take place as a rights issue later this year. Eurotunnel, which was facing bankruptcy last year, said the company's estimated 2007 results showed the company should break even for the first time ever.

Last year's debt sale saw Freshfields acting opposite Clifford Chance for lenders Deutsche Bank and Goldman.

That deal came after Eurotunnel restructured around £6.2bn of debt under the new 'French Safeguard' procedure, granting it protection from creditors.

The restructuring was a landmark transaction in the French insolvency market, generating roles for a raft of firms including Weil Gotshal & Manges, Herbert Smith, Kirkland & Ellis, Cadwalader Wickersham & Taft and Debevoise & Plimpton.