EDF converts 40% of Oceanes due 2024 into stock

By Marisa Wong

Los Angeles, Feb. 28 – EDF SA announced that the French state has requested the conversion of 87,831,655 Oceanes (ISIN: FR0013534518) into shares.

The transaction decreases the bond debt by €959,999,989.15, according to a press release.

The conversion results in the issuance of 113,215,003 new shares, taking into account the current exchange ratio of 1.2890 shares per Oceane.

This results in a capital increase for a total nominal amount of €56,607,501.50 and a premium for the conversion of Oceanes into shares for an amount of €903,392,484.15. As a result, the share capital of EDF will be increased from €1,943,859,339.50 to €2,000,466,841, consisting of 4,000,933,682 shares with a nominal value of €0.50 each.

The capital increase strengthens EDF’s balance sheet structure and will allow, if necessary, the refinancing of part of the subordinated debt, the company noted.

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