EDF raises €2,100 million through two issues of Euro-denominated Hybrid Notes
Paris, France, 8 September 2020 – EDF (BBB+ S&P / A3 Moody's / A- Fitch) (the "Company") successfully launched on 8 September 2020 two new issues of Euro-denominated hybrid notes for a total nominal amount of € 2,100 million, consisting of:
- a €850 million perpetual 6.5 years non-call hybrid notes issue with an initial coupon of 2.875% and a first redemption at the option of the Company on 15 December 2026 (the "6.5-Year Non-Call Hybrid Notes") ; and
- a €1,250 million perpetual 10 years non-call hybrid notes issue with a initial coupon of 3.375% and a first redemption at the option of the Company on 15 June 2030 (the "10-Year Non-Call Hybrid Notes" and, together with the 6.5-Year Non-Call Hybrid Notes, the "Hybrid Notes").
The Company can redeem the Hybrid Notes for cash at any time during the 90 days before the first interest reset date, which is expected to be in 6.5 years (with a first reset date of March 2027) for the 6.5-Year Non-Call Hybrid Notes, and in 10 years (with a first reset date of September 2030) for the 10-Year Non-Call Hybrid Notes, and on every coupon payment date thereafter.
The settlement date will occur on 15 September 2020 and on such date the Hybrid Notes will be admitted to trading on the regulated market of Euronext Paris.
These offerings shows the Company’s strong commitment to financing through hybrid capital securities, which are a permanent part of its capital structure. The proceeds resulting from the Hybrid Notes will be used for general corporate purposes of the Company.
The Hybrid Notes are scheduled to be admitted to trading on Euronext Paris. It is also confirmed that the rating agencies assigned the Hybrid Notes a rating of BB- / Baa3 / BBB (S&P / Moody’s / Fitch) and an equity content of 50%.
Note: The English version of this press release may differ from the French version for regulatory reasons.
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