By Abigail W. Adams
Portland, Me., Sept. 8 – Electricite de France SA (EDF) priced €2.4 billion four-year green bonds in the Oceane structure on Tuesday with reoffer price of 107 for a negative yield of 1.68% and an initial exchange premium of 32.5%, according to a company news release.
Pricing came toward the midpoint of price talk for a reoffer price of 105.75 to 108 for a yield of negative 1.91% to negative 1.39% and at the midpoint of talk for an initial exchange premium of 30% to 35%, according to a market source.
BNP Paribas, BofA Securities, Credit Agricole CIB, Goldman Sachs International, J.P. Morgan Securities plc and Morgan Stanley & Co. International plc were joint bookrunners for the Regulation S offering.
The bonds are callable on or after Sept. 14, 2022 subject to a 130% hurdle or if 80% or more of the principal amount has been redeemed or repurchased. The bonds have full dividend protection.
The French state, which owns 83.6% of the company’s shares, intends to subscribe for €960 million of the bonds.
Proceeds will be used for new or existing eligible green projects.
EDF is a Paris-based electric utility company.
| Issuer: | Electricite de France SA (EDF)
|
| Securities: | Green Oceane bonds
|
| Amount: | €2.4 billion
|
| Maturity: | Sept. 14, 2024
|
| Bookrunners: | BNP Paribas, BofA Securities, Credit Agricole CIB, Goldman Sachs International, J.P. Morgan Securities plc and Morgan Stanley & Co. International plc
|
| Coupon: | 0%
|
| Price: | 107
|
| Yield: | Negative 1.68%
|
| Exchange premium: | 32.5%
|
| Exchange price: | €10.93
|
| Exchange rate: | 1
|
| Call options: | Non-callable until Sept. 14, 2022 subject to a 130% hurdle
|
| Pricing date: | Sept. 8
|
| Settlement date: | Sept. 14
|
| Distribution: | Regulation S
|
| Talk: | Reoffer price of 105.75 to 108 for a yield of negative 1.91% to negative 1.39% and an initial exchange premium of 30% to 35%
|
| Stock symbol: | FP: EDF
|
| Stock reference price: | VWAP on Sept. 8
|
| Market capitalization: | €25.28 billion
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