EDF (BBB positive S&P / Baa1 stable Moody’s / BBB+ stable Fitch) successfully priced a new issuance of green perpetual subordinated notes (the “New Notes”) of €1.25 billion bond, at an initial 4.375% coupon until 2031 with a 5.5-year first call date at EDF’s discretion.
This transaction enables EDF to finance its strategy and objective to contribute to achieving carbon neutrality by 2050. An amount equal to the net proceeds of the New Notes will be used to finance and/or refinance investments as defined in EDF’s Green Financing Framework ( ) and aligned with the European taxonomy in relation to the lifetime extension of the existing nuclear reactors in France. As a reminder, the carbon intensity of nuclear power plants in France is 4gCO²/kWh ( ).
It is expected that the rating agencies will assign the New Notes a rating of B+/Ba1/ /BBB- (S&P/ Moody’s/Fitch) and an equity content of 50%.
Settlement and delivery will take place on 6 October 2025, the date on which the New Notes are expected to be admitted to trading on the regulated market of Euronext Paris.
EDF is an active issuer of debt and other types of securities. EDF regularly assesses its financing requirements and monitors national and international financial markets for opportunities to conduct additional issuances of senior debt, hybrids and/or other types of securities.
Claude Laruelle, Group Senior Executive Vice President in charge of the Performance, Impact, Investment and Finance of EDF, said "this transaction demonstrates the confidence of the market in EDF’s strategy to promote energy sovereignty and energy transition".