EDF: bond issue in two tranches €1 billion 15-year and £500 million 25-year
EDF (A+ S&P / Aa3 Moody’s / A+ Fitch) launched yesterday a bond issue in two tranches, in euros and sterling pounds.
The euro tranche, with a 15-year maturity, amounted €1 billion, with a 4.125% coupon. The sterling pound tranche, with a 25-year-maturity, amounted £500 million, with a 5.5% coupon This issue is part of the active financial policy initiated by EDF with a view to lengthening the average maturity of the Group’s gross debt. This stands at 9.4 years after this issue against 9.2 years as of December 31st 2011, while maintaining unchanged the Group’s average cost of debt at 4.3%.
In addition, through this issue the Group aims at matching up its long-term debt with its French and UK’s long term business’ earnings (the Group’s main markets), while enjoying favorable market conditions. It also shows European investors’ trust in EDF’s Group.
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