EDF accepts $2.91 million more tenders of reset perpetual notes

By Marisa Wong

Los Angeles, July 7 – EDF SA announced the final 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).

Holders had tendered and the company accepted for purchase $2.91 million of notes tendered after the early participation date and on or prior to the expiration date, according to a Friday press release.

The early participation deadline was at 5 p.m. ET on June 20, and the offer expired at 5 p.m. ET on July 6.

As of the early participation date, holders had tendered $901,449,000 of the notes. All of the early tendered notes were accepted for purchase.

The issuer paid a total purchase price of $995 per $1,000 principal amount, which includes an early participation premium of $50 per $1,000 of notes tendered by the early participation date. Settlement of the early tendered notes occurred on June 22.

Holders who tendered after the early deadline will be eligible to receive $945 per $1,000 principal amount. Final settlement will be on July 10.

The company also paid or will 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.

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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