• Successful pricing of a new 500 million euros hybrid offering
• Ongoing tender offer to purchase notes for cash announced earlier on 26 November 2019(1)

On 26 November 2019, EDF (A- S&P / A3 Moody’s / A- Fitch) (the “Company”) successfully priced a Euro-denominated 500 million hybrid note offering, at 3.00% coupon with a 8-year first call date(2).

This offering shows the Company’s strong commitment to financing through hybrid capital securities, which are a permanent part of its capital structure. The Company pro-actively manages its stock of hybrid notes: the funds resulting from this offering will mainly be used to finance the partial repurchase of several outstanding hybrid notes(1), and for general corporate purposes of the Company and the Group, as the case may be.

(1) See press release dated 26 November 2019, available on the Company’s website.
(2) In 2013, 2014 and 2018, EDF successfully completed several hybrid note offerings denominated in Euro, Dollar and Sterling. The structure of today’s announced offering is in line with these offerings with 50% of such offering considered as equity credit by rating agencies and accounted for 100% equity under IFRS. Hybrid notes are structured as perpetual instruments subordinated to any senior debt.

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