EDF tenders for capped amount of four series via new hybrid issue

By Susanna Moon

Chicago, Sept. 24 – EDF SA said it is tendering for four series of notes with the purchase amount to be capped at an amount equal to that of a new issue of euro-denominated hybrid notes, which will be used to fund the offer.

The notes covered by the tender offer are as follows, with the notes listed in order of priority acceptance levels:

• €1.25 billion reset perpetual subordinated notes with a first redemption at the option of the company on Jan. 29, 2020;

• €1 billion reset perpetual subordinated notes with first call option on Jan. 22, 2022;

• £1.25 billion reset perpetual subordinated notes with first call option on Jan. 29, 2026; and

• €1.25 billion reset perpetual subordinated notes with first call option on Jan. 29, 2025.

“The aggregate size of the company’s stock of hybrid notes will remain unchanged as a result and the company remains committed to hybrid capital securities as a permanent part of its capital structure to fund assets under construction,” according to a company announcement.

“It is expected that the portion of the Targeted Hybrid Notes remaining in circulation following the completion of the tender offer will continue to be assigned an equity content of 50% by the rating agencies.”

The results of the tender will be announced on Oct. 3.

EDF is an integrated electricity company based in Paris.

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