Chicago, Sept. 8 – Electricite de France SA (EDF) priced €2.1 billion of hybrid notes (Baa3/BB-/BBB) on Tuesday, according to an announcement.
The first part consists of €850 million perpetual hybrid notes that are non-callable for 6.5 years. The notes have an initial coupon of 2 7/8% and a first redemption at the option of the company on Dec. 15, 2026.
The second tranche is for €1.25 billion perpetual hybrid notes that are non-callable for 10 years. The notes have an initial coupon of 3 3/8% and a first redemption at the option of the company on June 15, 2030.
The company can redeem either tranche for cash at any time during the 90 days before the first interest reset date and on every coupon date thereafter.
Proceeds are for general corporate purposes.
EDF is a Paris-based electric utility company.
| Issuer: | Electricite de France SA (EDF)
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| Securities: | Hybrid notes
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| Amount: | €2.1 billion
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| Maturity: | Perpetual
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| Pricing date: | Sept. 8
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| Settlement date: | Sept. 15
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| Ratings: | Moody’s: Baa3
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| S&P: BB-
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| Fitch: BBB
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|
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| 6.5-year non-call notes
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| Amount: | €850 million
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| Initial coupon: | 2 7/8%
|
| Call option: | First redemption at the option of the company on Dec. 15, 2026 and then on every coupon date thereafter
|
|
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| 10-year non-call notes
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| Amount: | €1.25 billion
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| Initial coupon: | 3 3/8%
|
| Call option: | First redemption at the option of the company on June 15, 2030 and then on every coupon date thereafter
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