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EDF to buy 1.25 billion of two series in capped offer via new hybrids
By Susanna Moon
Chicago, Oct. 3 EDF SA said it will purchase 1.25 billion of two series of notes in the capped tender offer for issues announced Sept. 24.
Holders had tendered 911.8 million, or 73%, of the 1.25 billion reset perpetual subordinated notes with a first redemption at the option of the company on Jan. 29, 2020 and 635.1 million, or 64%, of the 1 billion reset perpetual subordinated notes with first call option on Jan. 22, 2022. The notes are listed in order of priority acceptance levels.
The company accepted for purchase all of the tendered perpetuals with a first call date of 2020 and 338.2 million of the perpetuals with a first call date of 2022 using a pro rata factor of 59.5%, according to an announcement.
As announced, the company was tendering for four note series 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.
EDF priced 1.25 billion of 4% reset perpetual six-year non-call hybrid notes.
The issuer was also tendering for its £1.25 billion reset perpetual subordinated notes with a first call option on Jan. 29, 2026 and 1.25 billion reset perpetual subordinated notes with a first call option on Jan. 29, 2025.
The aggregate size of the companys 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 previous 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.
EDF is an integrated electricity company based in Paris.
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