EDF accepts early tenders for $901.45 million reset perpetual notes

By Marisa Wong

Los Angeles, June 21 – EDF SA announced the early participation results of its June 6 offer to purchase for cash any and all of its $1.5 billion reset perpetual subordinated notes with a first call date of Jan. 22, 2024 (Cusip: 268317AM6, F2893TAM8).

As of 5 p.m. ET on June 20, the early participation date, holders had tendered $901,449,000 of the notes, according to a Wednesday press release.

All of the early tendered notes will be accepted for purchase. Settlement for the early tendered notes will be on June 22.

The issuer will pay a total purchase price of $995 per $1,000 principal amount. The total price includes an early participation premium of $50 per $1,000 of notes tendered by the early participation date.

Holders tendering after the early deadline will be eligible to receive $945 per $1,000 principal amount.

The company will also pay accrued interest.

The tender offer is conditioned on an issuance of new dollar-denominated reset perpetual subordinated notes, proceeds of which will be used to finance the tender offer.

Holders participating in the tender offer may be given priority in allocation of the new notes.

The company noted in a prior press release that the difference, if any, between the amount of existing notes to be redeemed under the tender offer and the amount of new notes to be issued will be offset, for the purpose of the equity content, by bonds convertible into or exchangeable for new or existing EDF shares (Oceanes) converted on May 24.

Tenders may no longer be withdrawn.

The offer expires at 5 p.m. ET on July 6.

Final results will be announced on July 7, and final settlement is expected to be July 10.

The dealer managers for the tender offer are BNP Paribas (+33 1 55 77 78 94, 212 841-3059, 888 210-4358; liability.management@bnpparibas.com), BofA Securities Europe SA (+33 1 87 70 10 57, 888 292-0070, 980 387-3907; DG.LM-EMEA@bofa.com) and Deutsche Bank Securities Inc. (212 250-2955, 866 627-0391).

The information agent and tender agent is Kroll Issuer Services Ltd. (https://deals.is.kroll.com/edf).

Based in Paris, EDF is an integrated energy company active in generation, transmission, distribution, energy trading, energy sales and energy services.

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